Since April, buyers have been attempting to break the overhead resistance at $3.10. The coin has suffered several breakdowns before reaching the recent high of $2.70.
Surprisingly, EOS rebounded on June 27 and continued to rally up till July 9. In other words, there was a strong bounce above $2.20 as price reached a high of $2.40.
After a pullback to $2.30, price rallied again to $2.50 high. The crypto continued its higher highs and higher lows as it reached a high of $2.70. Unfortunately, the coin reached the overbought region at $2.70. The crypto resumed a downward move as sellers emerged to push prices down. It fell to $2.43 low but corrected to $2, 50 high. In the meantime, the bulls have continued the upward move after sustaining above $2.40 low.
EOS indicator reading
The market is indicating that EOS is below the 50 % range of the daily stochastic. It indicates that the market is in a bearish momentum. From the price action, the bearish momentum has subsided as the market shows bullish signals. The EMAs are horizontally flat. It indicates that price is consolidating which can result in a breakout or breakdown.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
What is the next direction for EOS?
EOS is making positive moves in recent times. The coin is consolidating after correcting upward. Nonetheless, if price rebounds above $2.50, EOS will rally above the overhead resistance at $3.10. The coin is likely to fall as it is in the bearish trend zone. It is necessary for the coin to rebound.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.