EOS Price Analysis – November 8
According to the daily chart, if the bulls increase their momentum, the price may rise towards the previous high of $2.6 level.
Resistance levels: $2.75, $2.85, $2.95
Support levels: $2.35, $2.25, $2.15
On the long-term outlook, EOS/USD is on the ranging trend. The EOS price bounced at the support level of $2.3 a few days ago after a short consolidation. Meanwhile, the bullish momentum is propelling the coin towards the former resistance level of $2.60 as the bullish pressure is strong enough to break up the $2.7 level. Nevertheless, if the bulls failed to push the price upward, it may be consolidating at the same level.
What to Expect from EOS
EOS/USD is changing hands at $2.55 where it faces up. However, if the coin continues the upward movement and break above the 21-day moving average, crossing above the upper boundary of the channel may hit the nearest resistance levels at $2.75, $2.85, and $2.95 while the support levels are located at $2.35, $2.25, and $2.15 respectively giving a low trading volume as the technical indicator RSI (14) moves above the 45-level to create more bullish signals.
EOS/BTC Market: Consolidating to the Downside
Against Bitcoin, EOS is trading below the 9-day and 21-day moving averages but with a bearish candle. The RSI (14) moves within the oversold region which causes the coin to remain at the downside. Meanwhile, further bearish movement may drag the market price below the channel to hit the critical support levels at 130 SAT and below.
Moreover, the market needs to experience bullish trends for an upward movement. Once this happens, the market price may hit the resistance level of 200 SAT and above. More so, the trading volume is currently supporting the bearish movement and may remain there as much as the technical indicator RSI (14) stays within the region.