EOS Is in a Strong Selling Pressure as It Targets the $2.28 Low

The EOS downtrend has been consistent since August 16. The downtrend resumes as price makes a retest at the $2.56 high.

Today, EOS has fallen to $2.48 at the time of writing. From the price action, the coin has the tendency to further depreciate. However, on the upside, buyers have to push the price above $2.80 high before the resumption of the upside momentum. 

The upward move is unlikely for now as price faces rejection from the recent high. For instance, price has been restricted by the 12-day EMA as it makes an upward move to the recent highs. On the other hand, the market is likely to fall as it approaches the lower lows of the market. EOS is following the downtrend pattern of lower highs and lower lows. 

EOS indicator reading 

EOS price bars are below the EMAs which suggest a further downward movement of the coin. The coin is below the 30% range of the daily stochastic. It indicates that the coin is in a bearish momentum and approaching the oversold region of the market.

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

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

What is the next direction for EOS?

EOS has given bearish signals when price falls to $2.44 low and makes a rest at the $2.50 resistance. On the October 2 downtrend, the price made an upward move. The retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that price will fall and reach level 1.618 Fibonacci extension or $2.28 low.

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.