EOS Is in a Strong Downtrend May Revisits Previous Low of $2.47

EOS price has been making a series of lower highs and lower lows since August 16. The price has fallen from a high of $3.95 to a low of $2.69 at the time of writing.

In the last breakdown on September 3, the coin plunged to $2.47 low and corrected upward immediately. Buyers were able to push the crypto to $3.24 high. 

Unfortunately, the selling pressure resumes at the lower highs. Today, the coin has fallen back to the low of $2.69. 

There is a likelihood of price reaching the previous low of $2.47 or $2.1. On the upside, EOS can rebound at the previous low to resume the uptrend. Possibly, if buyers push the coin above $3.20, it will signal the resumption of the uptrend. Meanwhile, the coin is falling and approaching the lower lows of the market.

EOS indicator reading 

The EMAs are pointing downward indicating the downtrend. The selling pressure will persist if lower highs (LH) and lower lows (LL) patterns continue. The coin has fallen into the oversold region below the 20 % Range of the daily stochastic. However, the bullish momentum has been weakened. 

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

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

What is the next direction for EOS?

The crypto will continue to fall if the price breaks the current support. The market is approaching the previous low at $2.41. However, on September 4, the last retraced candle body tested the 61.8% Fibonacci retracement level. EOS will reach the 1.618 Fibonacci extension level or the low of $1.83.

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.