EOSUSD Price Analysis – August 20
The Cross of the price below the support level of $2.7 may lead the price to $1.7 and $0.8 price level. Failure to cross below the $2.2 level may prolong the consolidation movement or increase the price towards $2.7, $2.9, and $3.3 resistance level.
EOS/USD Long-term Trend: Bearish
Resistance levels: $2.7, $2.9, $3.3
Support levels: $2.2, $1.7, $0.8
EOS/USD is bearish in the daily chart. The price action on the daily chart has formed a bearish chart pattern called “Head and Shoulder” and this has made the price to decline towards the support level of $2.7. It made an attempt to push lower on September 16 and move below the support level of $2.7 but the Bulls opposed the bearish movement and the price returned to $2.7 where it continues its consolidation till the moment of writing this report.
The price is trading below the two EMAs where the 9 periods EMA is above 21 periods EMA which indicates that the bears are still holding to the EOS market. The Relative Index period 14 is parallel and flat to the 40 levels displaying no direction indicate that consolidation is ongoing. The Cross of the price below the support level of $2.7 may lead the price to $1.7 and $0.8 price level. Failure to cross below the $2.2 level may prolong the consolidation movement or increase the price towards $2.7, $2.9, and $3.3 resistance level.
EOS/USD Price Medium-term Trend: Ranging
The coin is bearish on the medium-term outlook. The price has been moving downward with the formation of more bearish candles after the formation of the head and shoulder chart pattern, which indicates that bears were in control of the price last week. Looking at the support levels of $2.7, the price is currently hovering within the boundaries of the mentioned support level.
It would take a strong directional movement for the price to leave the boundaries. The current position of the Relative Strength Index suggests a temporal rise in momentum.
The 10-day EMA and the 50-day EMA are interlocked to each other and the price is hovering over the two EMAs which connote consolidation movement in the EOS market. Traders can place Sell Stop at $2.568, Stop Loss at $2.778, and Take Profit at $2.329.