EOS Price Analysis – November 18
The EOS slumps today but if the bulls increase their momentum, the price may rise towards the previous high of $2.73 level.
Resistance levels: $2.9, $3.0, $3.1
Support levels: $2.4, $2.3, $2.2
EOS/USD is on the ranging trend and the price bounces at the support level of $2.4 after a short consolidation. Meanwhile, as of yesterday, the bullish momentum is propelling the coin towards the former resistance level of $2.7 as the bullish pressure is strong enough to break up the $2.75 level. Nevertheless, should in case the bulls in pushing the price upward, it may be consolidating at the same level.
What to Expect from EOS
At the moment, the coin is changing hands at $2.62 where it faces down. Therefore, if the price of EOS rises again and breaks the $2.7 resistance level, the coin may continue its upward movement to cross above the upper boundary of the channel. More so, the nearest resistance levels to reach are $2.9, $3.0, and $3.1 while the support levels are located at $2.4, $2.3, and $2.2. The technical indicator RSI (14) is currently giving a bearish signal as the signal line moves below 60-level.
EOS/BTC Market: Remains within the Downside
Against Bitcoin, the market price is moving below the 9-day and 21-day moving averages with a bearish candle within the descending channel. Therefore, the technical indicator RSI (14) is seen moving within the oversold region which is bringing more bearish signals into the market. Further bearish movement may continue to surface as the critical support levels are located at 130 SAT and below.
However, if the bulls push the price above the moving averages, crossing above the upper boundary of the channel may likely cause the coin to hit the resistance level of 170 SAT and above. Meanwhile, the bulls may have to gather enough momentum to be able to perform such movement. Nonetheless, the trading volume is confirming the bearish movement as it remains on the negative side.