EOS Price Analysis – April 27
EOS market had witnessed a dominant bearish for the past three weeks as a result of heavy selling pressure which has subdued market to a substantial low of $4.4, against Dollar. Meanwhile, the 0.00085BTC low had been slightly touched before retracing to the 0.0009BTC resistance, now support level. The next hours of trading would determine if NEOBTC market will continue the bearish or reverse trend.
Resistance levels: $5.2, $5.5, $6
Support levels: $4.4, $4, $3.6
From a low of $3.6 in late March, the value of EOS went up as high as $6 before the token experienced a sharp drop to $5.2 which later led to the current decline as the lower low aims at $4.4 support level. The higher high, however, may find a level at $5.2 resistance.
Looking at the RSI, a lower low and lower high has been playing out since April 2; revealing a bearish divergence which became reality after a week trading on the chart. A break above the descending trend line could place RSI on bullish, which could later result in a channel break-up.
On the Stochastic RSI, EOS is overbought. A short move is expected. Surpassing $4.4 support may slump price to $4 and $3.6 support levels; re-testing late March low.
After re-testing the area of 0.00115BTC high on April 10, EOS reversed the trend and the price of the token dropped significantly beneath the March low of 0.0009BTC where the market is currently retesting. The next bearish move is more likely to hit 0.00085BTC level and below.
Rising up could possibly locate an immediate resistance level at 0.00095. If momentum continues to climb above the said resistance level, EOS market is likely to follow an upward movement. The 0.001BTC and 0.00105BTC highs would be the next buyers’ target.
On the indicators: EOS is suggested to continue in a bearish trend. While the Stochastic RSI signals a potential bearish which could drop the price after the current retracement; the RSI is also revealed at the 40 level after leaving the oversold.
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