EOS Rebounds and Looks Ready to rising after Flexing Strong Support

Jul 05, 2020 at 09:23 // News
Coin Idol
EOS rebounds twice to reach $2.50 resistance

Following the latest bearish impulse on June 27, EOS rebounded twice to reach the $2.50 resistance. The coin has fallen to the low of $2.20 in the last breakdown but made an upward correction to the recent highs.

The bulls retested the $2.50 resistance twice to break it but have been repelled. The crypto is now trading below the current resistance but the coin is trapped between $2.30 and $2.50 price level.

There has been a price tussle between these ranges. On the upside, if the bulls push the coin above $2.50 resistance, the price will rally above $2.80 high. On the other hand, EOS will face a deeper correction to $1.80 low if the bears succeed in breaking below the $2.30 support. In the meantime, EOS is trading below the $2.50 resistance and above the 12-day EMA. This suggests a further upward move

EOS indicator reading 

The price has broken above the 12-day EMA but it is facing resistance at the 26-day EMA. A break above EMAs will accelerate price movement and break the current resistance. The crypto is above 50 % range of the daily stochastic. It indicates that the market has bullish momentum.

EOS-CoinIdol (2).png

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

Key Demand zones: $3, $2, $1 

What is the next direction for EOS?

For over a week, the upper move has been sustained as bulls attempt to break the $2.50 resistance. EOS is trading at $2.44 at the time of writing. The bulls are approaching the current resistance to push above it. The coin will resume upper move if buyers are successful above the resistance.

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.

Show comments(0 comments)