EOS is making an upward correction but it is trading marginally above $2.50 support. The price movement is immaterial at the time of writing.
The general breakdown of the cryptocurrency markets affected most of the EOS coins. The coin dropped from its peak price of $3.10 to $2.60. The recent drop was the bull’s failure to sustain the upward move above $2.75 price level. Buyers have been resolute despite the overwhelming selling pressure.
When the market fell from $3.10 to $2.40, the bulls pushed the price to $2.90 high. The price tussle continues as EOS settles below $2.60 resistance. The coin is consolidating above $2.50 support level. EOS will move up if it breaks above the current resistance. Alternatively, the market will continue its consolidation, if the bulls fail to push above $2.60 resistance.
During the recent breakdown, price breaks below the support line and closes below it. The implication is that EOS may face further depreciation. However, the price action is indicating a bullish signal. The uptrend will continue if the bulls break above the support line and close above it. Presently, EOS is above 25 % range of the daily stochastic as the market resumes a bullish momentum.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
Disclaimer. This analysis and forecast are the personal opinions of the author 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.