EOS Slips To $2.60 Support But Can It Kick Off From Here?

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EOS has struggled this week after dropping by a total of 27%. The cryptocurrency saw a further 3% price fall over the past 24 hours and it sets its sights to re-test the support around $2.64. EOS has lost a significant 50% over the past 3 months and has a long road ahead to recovery.

EOS remains the seventh-largest cryptocurrency with a market cap of $2.61 billion.

  • Since our previous EOS analysis, EOS has suffered heavily amid the Bitcoin bloodbath, which caused it to fall beneath the support at $3.00. EOS/USD continued to slip further until finding support at $2.64, provided by the downside 1.414 Fib Extension, where a rebound was seen.
  • From above: The nearest levels of resistance lie at $2.98 and $3.00. Above $3.00, resistance lies at $3.20, $3.50, $3.99, and $4.00. The resistance between $4.00 and $4.50 is bolstered due to the 100-days EMA and 200-days EMA being located here.
  • From below: The nearest level of support lies at $2.64. If the sellers push the market beneath $2.60, support is found at $2.50, $2.25 (2019 price low), and $2.16 (downside 1.618 Fib Extension). Lower support is expected at $2.05, $2.00, and $1.76.
  • The trading volume remains very low.
  • The RSI has reached oversold conditions which suggest that the sellers are in complete control. However, the Stochastic RSI has produced a bullish crossover signal which could signal a potential rebound higher.

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  • Against Bitcoin, EOS continued to fall from the resistance at 0.000405 BTC until finding the current support level at around 0.0003325 BTC. For the past 2 months, EOS has been trapped within a range between 0.00047 BTC and 0.000305 BTC.
  • From above: The nearest level of resistance lies at 0.00038 BTC, and 0.00040 BTC. Above this, resistance lies at 0.000405 BTC, 0.0004327 BTC, 0.00045 BTC (100-days EMA), and 0.00047 BTC.
  • From below: The nearest level of support lies at 0.00305 BTC. Beneath this, support is located at 0.0002904 BRC, 0.0002676 BTC, and 0.00025 BTC.
  • The trading volume remains very low.
  • The Stochastic RSI has produced a bullish crossover signal which should send the market higher.

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Source link Crypto Potato

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