EOS Price Analysis - EOS Slips From Resistance At $6.00

15 hours ago | Yaz Sheikh

EOS Price $5.32
Key EOS resistance levels $6, $6.75, 7.25
Key EOS support levels $4.92, $4.48, $3.88

*Price at the time of writing


EOS has seen a rough 24-hour period of trading, falling by 10% and bringing the current trading price down to around $5.32 at the time of writing. This price decline can largely be attributed to the recent drop of BTC into the $5,000 support region.

Buy/Sell EOS (EOS)

How to buy EOS (EOS) on Binance?

Nevertheless, EOS is still up by a total of 45% over the past 30 days and is up by a very impressive 121% over the past 90 trading days. The cryptocurrency project, that had raised $4 billion in its ICO, is currently ranked in 5th position in the market cap rankings as it holds a $4.83 billion market cap. EOS is extremely close in market cap to both LTC and BCH, as the trio of coins has recently been shuffling in spots 4, 5 and 6.

EOS market overview

Taking a look at the daily chart above, we can see that EOS has been consistently rising all throughout 2019. The market had broken above the 100-day moving average in February and has since continued to rise higher.

The token had placed a fresh 2019 high in yesterday’s trading session after the EOS market was able to spike above the $6.00 resistance level. However, we can see that during today’s session the market rolled over and has fallen into the $5.30 region.

EOS short-term price prediction: Bearish

The recent price drop has now caused the short term trend for EOS to shift into a bearish condition. If the sellers continue to cause price action to drop further lower, we can expect immediate support beneath the market to be located at the $5.00 – $4.92 region. 

Beneath $4.92, further support can then be located at the $4.48 level, previous resistance now turned support, followed with more support at $4.22, $4.00 and $3.88. The support at $3.88 is significantly bolstered by the 100-day moving average level which is currently hovering within this price region.

EOS medium-term price prediction: Bullish

The medium-term trading condition remains bullish. The recent break above the previous resistance at $4.48 has caused the medium term to remain bullish for EOS. However, this will be invalidated if EOS drops beneath the $4.00 level. 

After the current pullback has been completed and the bulls start to push the market higher, we can expect immediate strong resistance above to be located at the $6.00 level. A break above $6.00 would cause EOS to create a fresh 6 month price high. Above $6.00, initial resistance is located at the $6.75 level.

If the bullish pressure can continue to drive EOS/USD above $7.00, we can then expect higher resistance to be located at the short term 1.414 and 1.618 Fibonacci Extension levels (drawn in green) priced at $7.26 and $7.85, respectively.

What Are The Technical Indicators Reading?

The RSI has recently slipped lower from overbought conditions, which is a good sign. When the market is overbought, there tends to be less room for the market to travel higher. However, now that the RSI has fallen, EOS/USD has space to climb further higher above the $6.00 level on the next push. So long as the RSI does not break beneath the 50 level, we can expect the medium bullish trend to continue for EOS.

Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potential of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

(Excerpt) Read more Here | 2019-04-12 04:05:50
Image credit: source

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