EOS Exhausts Downward Correction as Bulls Push Upward
May 25, 2020 at 08:09 //
News
After falling to a disappointing low of $1.50, EOS reached a high of $3.10 on April 30. The uptrend was interrupted as the coin reached the overbought region.
As sellers emerged, EOS commenced the resumption of a downward move. The downtrend is ongoing as the market fell to a low of $2.30 and resumed an upward move.
Buyers have reacted and made upward moves to break the downtrend line but were repelled. Several attempts at the downtrend line resulted in the downward movement of the coin. In the last 48 hours, EOS rebounded at a low of $2.40 but could not breach the downtrend line. The crypto is likely to fall as it is trading in the bearish trend zone.
EOS indicator reading
At the moment EOS is trading within striking distance below the downtrend line. EOS is weak and it is struggling to move up after a rebound. A break above the downtrend line will propel price to rally above $2.80 resistance. EOS is above 50% range of the daily stochastic. The market is expected to move up.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
What is the next direction for EOS?
The crypto is currently in an upward move to breach the resistance line. It is trading at $2.56 at the time of writing. EOS may depreciate further to $2.20 low if the bulls failed to break the downtrend line at the current upward move.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow