• EOS bulls fail to break $2.6 resistance, allowing for a retreat eyeing $2.50 support.
  • The ascending trendline coupled with the 50 SMA and the 100 SMA will offer additional support if losses continue.

EOS tried to extend the bullish leg above last week consolidation between $2.40 and $2.55. The weekend action closed in on $2.6 amid a generally bullish cryptocurrency market. However, a reversal occurred pulling the price under $2.55.

In the meantime, $2.54 is EOS/USD market value. The downside is initially supported by the ascending trendline. The 50 SMA at $2.49 in the hourly range as well as the 100 SMA at $2.48 will function as support areas in case the price dips further.

The Relative Strength Index is currently horizontal at 58 after retreating from the weekend high at 80.48. The sideways motion signals the prevailing market indecision. On the other hand, the MACD features a minor bearish cross, likely to encourage the sellers to increase their entries. Sustaining the price above $2.50 support will allow the bulls to gather strength and forge a trajectory above $2.6 and towards $3.0.

EOS/USD 1-hour chart

(Excerpt) Read more Here | 2019-12-23 09:38:32
Image credit: source

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