EOSUSD Price Analysis – December 17
The Cross of the price below the support level of $3.00 may lead the price to $2.75 and $2.4 price level. Failure to cross below the $3.00 level may trigger an upwards movement or increase the price towards $3.38, $3.72, and $4.13 resistance level.
Resistance levels: $3.38, $3.72, $4.13
Support levels: $3.00, $2.75, $2.4
EOS/USD Long-term Trend: Bearish
EOS/USD is bearish in the daily chart. The price tested the resistance level of $5.17 on November 09. A bearish engulfing candle formed counter the bullish movement and the price decline. The significant support level of $4.15 was penetrated downside and the price rolls down towards the support level of $3.00. The price is currently consolidating within the $3.38 and $3.00.
The price is trading below the two EMAs where the 9 periods EMA is below 21 periods EMA which indicates that the bears are still holding to the EOS market. The Relative Index period 14 is at the 40 levels displaying bearish direction, indicate that downward movement is ongoing. The Cross of the price below the support level of $3.00 may lead the price to $2.75 and $2.4 price level. Failure to cross below the $3.00 level may trigger an upwards movement or increase the price towards $3.38, $3.72, and $4.13 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 break down of $3.72, which indicates that bears were in control of the price last week. Looking at the support levels of $3.00, the price is currently hovering within the boundaries of the mentioned support level and $3.38 resistance 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 decrease in momentum.
The 9-day EMA and the 21-day EMA are interlocked to each other and the price is hovering over the two EMAs which connote consolidation movement in the EOS market.