EOS Looking Bearish: Trading Near Key Support
EOS is back trading near the $7 support level after failing to close above the long-term resistance at $9. Price action has multiple tests of both the $9 resistance and the $7 support with trading occurring mostly in this range since June. The most recent drop has been on low volume which shows some pressure but could be coming out of this downward movement as it approaches the support. However, with a lot of losses across the cryptocurrency market over the last two days the general bearish sentiment might be enough to bring EOS below the $7 support level. The 50, 100, and 200 EMA are all trading around $9 which makes it more unlikely for the price to see a break above this point.
A closer examination on the 4hr chart shows EOS slowed down as it approached the $7.5 level but the downward momentum was too strong for the price to hold above. $7 has acted as a stronger support level and if the cryptocurrency market as a whole starts to trade in a range, we could see EOS trading between $7 and $7.5 for some time.
On the hourly, we can also see the 50EMA currently trading near the $7.5 resistance which will act as further resistance for price action to push above. At the moment the price is trading sideways but with the overall market moving in a downward direction and with there being a higher volume on drops, it seems like we will continue seeing bearish movements for EOS.
- Strong resistance at $9
- Short term range likely to form between $7 and $7.5
- Next movement likely to be bearish with more volume on downward movements, as well as an overall market downtrend.
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EOS Looking Bearish: Trading Near Key Support was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.