EOS Price Remains Supported On Dips Versus USD, BTC and ETH

This article was originally posted on Ethereum World News - an independent news provider covereing Ethereum, Bitcoin, Ripple, Litecoin dApps, start-off ICO’s and the whole Blockchain Ecosystem. For more follow the link below.

EOS Price Analysis Chart

EOS price corrected lower, but
remained supported above $5.00 against the US Dollar. EOS is likely to bounce
back and dips remain supported versus USD, BTC and ETH.

Key Talking Points

  • EOS price corrected lower and tested the
    $5.05-5.10 support area (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line formed with
    support at $5.20 on the 4-hours chart.
  • The price remains supported above the $5.10
    level and the 100 simple moving average (4-hours).

EOS Price Analysis

This past week, EOS followed other cryptocurrencies (bitcoin, Ethereum and litecoin) and corrected lower against the US Dollar. EOS price formed a new yearly high near the $6.009 level and later started a strong downside correction.

EOS Price Analysis Chart

The chart
above indicates that EOS price corrected below the $5.65 and $5.45 support
levels. There was also a break below the $5.40 level and a connecting bullish trend
line on the same chart.

Sellers gained traction and pushed the price towards the $5.05-5.10
support area, where buyers emerged. A swing low was formed at $5.086 and recently
the price moved above the $5.25 level and the 23.6% Fib retracement level of
the last decline from the $6.009 high to $5.086 low.

However, the upward move was capped by the $5.60 level and
the 50% Fib retracement level of the last decline from the $6.009 high to $5.086
low.

The price trimmed gains and declined towards the $5.20 level
plus the 100 simple moving average (4-hours). There is also a major bullish
trend line formed with support at $5.20 on the same chart, acting as a strong
barrier for sellers.

On the upside, the price must clear the $5.50 and $5.60
resistance levels to start a fresh increase in the coming sessions. The next
resistance is at $5.85 and $6.00.

On the downside, if there is a break below the $5.20 support
and the 100 SMA, EOS price may retest the $5.05 support area. Any further
losses might increase chances of a break below the $5.00 support area in the
near term.

The market data is provided by TradingView.

The post EOS Price Remains Supported On Dips Versus USD, BTC and ETH appeared first on Ethereum World News.

To read more from Ethereum World News follow this link.

Be the first to comment

Leave a Reply

Your email address will not be published.


*