EOS Has Strong Buying Pressure, a Retest above $3.10 Likely

Jun 09, 2020 at 11:39 // News
Coin Idol
EOS might retest the $3.10 level

EOS has continued to make impressive moves to return to the peak price of $3.10. Buyers were on hand as they pushed the price to $2.90 high but failed to sustain the uptrend.

Consequently, the market fell to $2.60 low. The bulls were unrelenting as price was pushed to $2.85 high. The crypto is still facing selling pressure on the upside. 

This is to suggest that the bears are aggressively defending the resistance zones. The recent selling pressure was an attempt to sink EOS but buyers have curtailed the recent downward move. Nonetheless, a strong bounce above $2.75 can break through the resistance levels of $2.85 and $2.90. If the bulls are successful, a retest of the $3.10 is likely. Meanwhile, the market has earlier fallen to $2. 70 low but moved up because of strong buying pressure.

EOS indicator reading 

In the meantime, EOS is at level 56 of the Relative Strength Index period 14. There is a possibility of price rising because it is above the centerline 50. The price bars are above the EMAs which indicates a possible rise of the coin.


Key Supply Zones: $5, $6, $7

Key Demand zones: $3, $2, $1

What is the next direction for EOS?

As earlier indicated, if EOS rebounds above $2.75 and breaks the resistance levels, a rally above $3.10 is possible. This will accelerate EOS uptrend and a revisit to the previous highs becomes possible. Conversely, if the bulls fail to break the initial resistance levels, the crypto will be compelled to a sideways move.

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.

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