EOS

Bitcoin has regained the psychological price level of $40,000. However, it is doubtful whether the bullish momentum can be sustained above this high. The cryptocurrency is trading in the downtrend zone and lacks buyers at a higher price level.

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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.

EOS has been trading marginally in a confirmed range. Presently, the coin is falling after testing the resistance at $3.0.

EOS is in a range bound move as the altcoin consolidates above $2.50 support. Today, the price action is characterized by small indecisive candlesticks called Doji and Spinning tops.

On December 23, EOS plunged to $1.93 low, and the price corrected upward immediately. This bearish reaction was the result of an attempt by buyers to break the resistance at $3.20.

Despite the global economic recession caused by the Covid-19 pandemic, the cryptocurrency markets have soared significantly in value in 2020. The New Year is expected to be even more favourable for the growth of the industry, opening vast investment opportunities.

For the past week, EOS has been making positive moves on the upside. Before now, EOS has been falling since November 24.

EOS commenced trading in January in a bullish trend. Before January 2020, the altcoin had been in a bear market for seven months. The coin has an opening balance of $2.59 but it rallied to $4.39 in the same month.