EOS Rebounds at the Overhead Region, Targets $5.50 High
Aug 30, 2020 at 09:53 //
News
EOS could not continue with its impressive bullish run because it reached the overbought region of the market.
Sellers emerged to push prices downward. Since August 16, the EOS coin fell from its peak price of $3.95 to $3.37 low. EOS was corrected upward and retested the $3.60 high. This retest compounded the selling pressure as the coin reached a low of $2.85 on August 27. Now, on August 30, EOS shows signs of price rebound.
EOS price Long-term Prediction: Bullish
EOS will resume an upside momentum if the bulls push price above the EMAs or the $3.20 price level. The coin will rise but face resistance at $3.40 high. Nonetheless, if price breaks above the $3.40 resistance, EOS will achieve accelerated price movement to retest or break the $3.95 resistance. Conversely, if the bulls fail to push price above the EMAs, EOS will drop to $2.60 low. Today, the altcoin is in a bullish momentum, trading at $3.19.
EOS Indicator Reading
On August 30, the coin is in the bearish trend zone as price is below the EMAs. The coin tends to fall except it breaks above the EMAs. The crypto is in a bullish momentum as it is above the 20% range of daily stochastic. Besides, buyers are likely to emerge as price was earlier in the oversold region.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
What is the next direction for EOS?
EOS has resumed an upward move as buyers attempt to break above the EMAs. On August 16 EOS showed a sign of an uptrend, and reached a high of $3.95 where it faced resistance. The retraced candle body tested the 38.2% Fibonacci retracement level. Now, this suggests that the altcoin will rise and reach 2.618 Fibonacci extension level.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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
