EOS has been trading marginally in a confirmed range. Presently, the coin is falling after testing the resistance at $3.0.
Since January 12, the altcoin has been consolidating above the lower price range and below the SMAs. Yesterday, the price broke above the SMAs and resumed an upward move. The upward move was interrupted at the $3.0 resistance. A retest at the $3.20 overhead resistance is likely if the minor resistance is breached. Presently, the coin is fluctuating between $2.40 and $3.20. In previous price action, the range-bound levels have been broken but the bullish momentum is not sustained. On the upside, if the price breaks the resistance and the momentum is sustained, the coin will resume a fresh uptrend. The market should provide the necessary support for the continuity of the upward move.
The 21-day and 50-day SMAs are horizontally flat which indicates that the coin is in a range bound move. The crypto’s price is above the SMAs which suggest the coin may rise to retest the resistance level. The crypto is also above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
EOS is range-bound but has risen above the SMAs for a possible upward move of the coin. On January 30 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that EOS will rise to level 1.618 Fibonacci extensions. That is the market will rise to the high of $3.35 and reverse.
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.