EOS Price Analysis – August 17
In the last 24 hours, EOS has not been able to fetch any significant growth, and the loss percentage stands at 0.57%.
Resistance levels: $2.8 $2.9 $3.0
Support levels: $2.45, $2.35, $2.25
Looking at the daily chart, EOS/USD bulls could not sustain the price above the $3.9 resistance level because of the technical indicator RSI (14). Since August 12, the bulls have been facing a bullish trend as they took the price from consolidation around $2.88 to bring the price above $3, which is still trading above the 9-day and 21-day moving averages and at the upper boundary of the channel.
Would EOS Continue the Uptrend Or Reverse?
At the moment, the coin is changing hands at $3.86 where it faces down. More so, if the price of EOS continues the uptrend and breaks the $4.2 resistance level, the coin may continue its upward movement to create a new high. More so, the nearest resistance levels to reach are $4.3, $4.1, and $3.0 while the support levels lie at $3.5, $3.3, and $3.1 respectively giving a low trading volume as the technical indicator RSI (14) prepares to move out of the overbought region.
EOS/BTC Market: Trades with a Strong Bullish Trend
When compares with Bitcoin, EOS crosses above the upper boundary of the channel with a strong bullish candle and has since been trading above the moving averages since a couple of days ago. As the RSI (14) remains within the overbought conditions, the next positive movements could push the market price to the resistance level of 350 SAT and above.
However, a bearish movement below 300 SAT could bring the EOS price to the support level of 290 SAT and below. More so, breaking the mentioned support level may drag the coin to the new low of the month which may likely bring the coin into a bearish zone. Nonetheless, the trading volume still confirms the bullish movement.