EOS Price Analysis – September 16
EOS/USD has recovered slightly after the recent sell-off. The market sentiments are still dominated by bears.
Resistance levels: $3.2, $3.4, $3.6
Support levels: $2.2, $2.0, $1.8
Despite slow movements during the early hours of the day, EOS/USD managed to recover from its lows and has gained about 0.92% since the beginning of the day. EOS ranks thirteenth on the cryptocurrency market with a current market value of $2.53 billion. At the time of writing, EOS/USD is changing hands at $2.72, up from $2.68 yesterday.
What is the Next for EOS/USD?
According to the daily chart, the trading volume is rising as the bulls maintain the upward movement; the price may likely cross above the 9-day and 21-day moving averages to reach the resistance levels of $3.2, $3.4, and $3.6. In other words, if the market price moves contrary to the current movement and breaks below the lower boundary of the channel, it could bring the coin back to the support levels of $2.2, $2.0, and $1.8 respectively. Presently, the technical indicator RSI (14) is moving above the 40-level, suggesting sideways movement.
EOS/BTC Market: Consolidating to the Downside
Comparing with Bitcoin, EOS is trading below the 9-day and 21-day moving averages but with a bearish candle focusing on the downward trend. The technical indicator RSI (14) nosedives below 40-level which could increase the selling pressure. Any further could push the coin towards the 220 SAT, 210 SAT, and 200 SAT.
However, any form of a rebound from the above-mentioned support could push the EOS price to 280 SAT resistance level and above. Moreover, breaking below the channel may send EOS into a bearish zone. However, the trading volume confirms a bearish movement at the moment.