EOS Price Analysis – May 20
The bears may break down the support level of $2.5 provided the level does not hold.
Resistance levels: $3.0, $3.1, $3.2
Support levels: $2.2, $2.1, $2.0
Looking at the daily chart, EOS/USD is bullish on the long-term outlook. The cryptocurrency is range-bound within the resistance level of $2.7 and the $2.4 price level for a few days ago. The bears may eventually break down the former support level of $2.5 at a slow rate. The coin is currently consolidating at the support level of $2.60.
Moreover, should the bears cross below the lower boundary of the channel; the price may likely reach the support levels at $2.2, $2.1, and $2.0. More so, if the price moves contrary to the current movement and trade above the 9-day and 21-day moving averages, this could take it to the resistance levels of $3.0, $3.1, and $3.2 respectively. Currently, the RSI (14) is seen moving below 50-level, more bearish signals may come to play.
Against Bitcoin, the price is moving around the 9-day MA but with a bullish candle trying to recover from the sell-off that occurred some days back. The RSI (14) moves away from the oversold which could aid the bullish movement of the coin. A possible drop may surface if the bulls fail to push the price to the north and the support levels to watch for are 240 SAT and 230 SAT.
Meanwhile, any form of a rebound from the above-mentioned supports could push the EOS price to the 310 SAT resistance level and above. But come to think of it, breaking the mentioned support may likely drop the price to the new low of the month and send EOS in another bearish zone. However, the trading volume confirms a bullish movement at the moment.
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