Analysis: EOS is heading towards $3.0 price level
Resistance levels: $3.7, $4.0, $4.4
Support levels: $3.3, $3.0, $2.6
EOS/USD Medium-term Trend: Ranging
EOS/USD is on the sideways movement on the medium-term outlook. The cryptocurrency is range-bound within the resistance level of $3.7 and the support level of $3.3. The sideways movement started on February 24 shortly after the bears resisted the increase in the price of EOS. The price fell from the high of $4.4 price level towards the $3.3 support level with the formation of a strong bearish candle that broke down the $4.0, $3.7 price level.
The two EMAs are flat and horizontally placed gradually showing bearish direction with the EOS trading below the 21-day EMA with the 50-day EMA above the 21-day EMA which indicate that the Bears are taking over the EOS market gradually. The Relative Strength Index period 14 is at 30 levels with the signal lines pointing down indicate the sell signal.
Increase in bears’ momentum is gradually breaking down the support level of $3.3 and the EOS may find its low at $3.0 support level. In case the support level of $3.3 holds and the EOS price bounces the coin will rally towards $4.0 provided the bullish momentum breaks the resistance level of $3.7.
EOS/USD Short-term Trend: Bearish
EOS is on the bearish trend on the short-term outlook. EOS/USD topped at $3.7 resistance level on March 01 with the aid of strong bullish momentum. The bulls could not sustain the momentum and the bears took over with a strong bearish candle that pushed the coin below the two dynamic resistance and support. The EOS started consolidating around the two EMAs for more than two days. At the early market opening today, the bears gained enough pressure and pushed the coin down towards support level of $3.3.
Currently, the $3.3 support level is broken down and the EOS is moving down towards $3.0 price level. The two EMAs fanned apart showing bearish direction and the coin is trading below the two EMAs. The Relative strength index period 14 is at the 20 levels with the signal lines bending down connotes further decrease in the price of EOS.