EOS Is in a Sideways Move, May Slide Below $2.40 Low

Following the last bearish impulse on September 23 at the low of $2.39, EOS has been in a sideways move. Today, EOS is trading at $2.54 at the time of writing.

Buyers have not been able to push the coin to the previous highs because of the overhead resistance at $2.80. Since September, buyers have found penetration difficult at the $2.80 overhead resistance. On two occasions the upward move has been repelled. In November, the upward move has been resisted below $2.60. 

For example, on November 13, buyers attempted to push EOS to the previous highs but were repelled at the $2.60 high. On the upside, a break above the $2.60 high will propel EOS into the bullish trend zone. The crypto is likely to rise and retest the $2.80 resistance. However, if buyers fail to push into the previous highs, the sideways move will continue. In the meantime, EOS is fluctuating between $2.40 and $2.80.

EOS indicator reading 

The coin is above 75% range of the daily stochastic. It indicates that it is in a bullish momentum. The RSI also indicates that the coin is in the uptrend zone at level 53. It is also above the centerline 50. The crypto is unlikely to rise as it is below the SMAs.

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

Key Demand zones: $3, $2, $1 

What is the next direction for EOS?

Buyers have been making attempts to break the $2.60 and $2.80 resistance levels. EOS will rise once these resistance levels are breached. On November 13 uptrend, the coin was repelled and it fell to $2.51 low. The retraced candle body tested a 50% Fibonacci retracement level. This implies that EOS will rise to the 2.0 Fibonacci extension level. That is EOS will reach a high of $2.84.

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.