EOS has seen a small price increase totalling +1.44% over the past 24 hours of trading bringing the current trading price up to $2.55, at the time of writing. The cryptocurrency has seen a further +3.52% price hike over the past 7 trading days.

Where is EOS Ranked?

EOS is now ranked in 5th position as it currently holds a $2.28 billion market cap valuation. It has seen a precipitous price decline over the past 90 trading days totalling 53%. The 19 month old project is now trading at a value that is -88% lower than the all time high price.

EOS Price Analysis

  • Support moving forward – $2.54, $2.35, $2.24, $2.16, $2.02, $1.90, $1.74.
  • Resistance moving forward – $2.56, $2.87, $3.00, $3.19, $3.50, $3.70.

EOS/USD – SHORT TERM – 4HR CHART

EOS Analysis
https://www.tradingview.com/x/nHyhvTEi/

 

What’s been going on?

Since our last EOS/USD analysis, we can see that price action continued to rebound at the support level provided by the short term .5 Fibonacci Retracement level (drawn in green) priced at $2.35.

The market went on to rebound as 2019 began to trade, however, price action was still unable to overcome the $3.00 handle and proceeded to roll over once again.

Where are we now?

After reversing, the market had dropped to find support at the short term .5 Fibonacci Retracement level (drawn in green) priced at $2.35. However, the bearish pressure was too overwhelming for the bulls and price action fell further lower into support below at a short term downside 1.272 FIbonacci Extension level (drawn in lilac) priced at $2.24.

The market bounced from this level and is now trading at resistance provided by the bearish .236 FIbonacci Retracement level (drawn in red) priced at $2.56.

What is the current trend?

The market is currently neutral as it trades within the retracement of the previous swing higher. For the market to turn bullish, price action will no need to break up above the $3.00 handle.

If price action breaks below the $2.15 handle, we can consider that the market is bearish in the short term.

Where can we go from here?

If the bulls can break above the resistance at $2.56 and continue further higher, they will encounter initial resistance above at the previous short term 1.272 Fibonacci Extension level (drawn in blue) priced at $2.87. This is followed by further resistance at the $3.00 handle.

If the buyers can break above the $3.00 handle, we can expect further resistance to then be located at the short term 1.618 Fibonacci Extension level (drawn in blue) priced at $3.17. This area of resistance is further bolstered by the bearish .382 Fibonacci Retracement level (drawn in red) priced at $3.19.

If the bulls can continue further higher, then more resistance toward the upside can be expected at the bearish .5 FIbonacci Retracement level (drawn in red) priced at $3.70.

What if the bears regain control?

If the sellers regain control and begin to push price action for EOS/USD lower, we can expect initial support toward the downside to be located at the short term .5 Fibonacci Retracement level (drawn in green) priced at $2.35 followed by more support at the downside 1.272 Fibonacci Extension level (drawn in lilac) priced at $2.24.

Further support below this can be located at the short term .618 Fibonacci Retracement level (drawn in green) priced at $2.16 followed by more support at the downside 1.618 Fibonacci Extension level (drawn in lilac) priced at $2.02.

If the sellers continue to drive price action below $2.00, we can expect more support below to then be located at the short term .786 and ,886 Fibonacci Retracement levels (drawn in green) priced at $1.90 and $1.74, respectively.

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