EOS Is in a Tight Range between $2.50 and $3.50, Unable to Push on the Upside

Since January 28, the altcoin has been in an upward move. EOS reached a high of $3.37 but failed to continue the uptrend. Today, the market is falling and it is likely to find support above the lower price range.

The bottom line is that EOS is range bound between $2.50 and $3.50. The crypto currency has not traded beyond the range-bound zone. If it does, the price will eventually fall into the range-bound zone. On the downside, if the price falls to the lower price range, it will resume upward. On the upside, EOS will face rejection when it tests the resistance zone. This has been a price movement since August 2020. Today, EOS is falling and has reached the low of $3.04. Further selling pressure is expected. 

EOS indicator reading 

The coin is above the 80% range of the daily stochastic. The stochastic bands are sloping downward indicating the downtrend. This implies that the market is in bearish momentum. The 21-day and 50-day SMAs are still sloping horizontally which indicates that it is in a range bound move. 

Technical indicators:  

Major Resistance Levels – $3.50 and $4.0

Major Support Levels – $2.50 and $2.0

What is the next direction for EOS?

EOS is range-bound but it is on a downward move. On February 6 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. It indicates that EOS will fall to level 2.0 Fibonacci extensions. That is the low of level $2.90.

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.