EOS Risks Further Decline below $2.60 Support, Downtrend Likely
Sep 06, 2020 at 09:00 //
News
EOS is trading at $2.88 at the time of writing. There are indications that the crypto will further decline. Recently, buyers and sellers were having price tussle above the $2.60 support.
On September 1 uptrend, buyers were in control of price but were stopped at the $3.60 high. Consequently, sellers pushed back prices to $2.60 low.
The reaction of buyers made the price move up to $3.20 high. After price retested the $3.20 resistance, EOS began a downward move. This is an indication that the altcoin will further fall. The bottom line is that if the $2.60 support is broken, it becomes unavoidable to escape the downtrend. Nevertheless, the upside momentum is possible if buyers push prices above $3.20 high.
EOS indicator reading
The EOS price has fallen below the EMAs; therefore the coin will continue to fall. The crypto is also at level 44 of the Relative Strength Index period 14. It implies that the coin is in the downtrend zone and below the centerline 50.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
What is the next direction for EOS?
Since the coin is in the bearish trend zone, the chances of falling are possible. On the August 27 downtrend; the coin fell to $3.00 low and price retraced to $3.60 high. The retraced candle body tested the 50% Fibonacci retracement level. This gives us the clue that the coin will decline to 2.0 Fibonacci extension level or $1.80 low.
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
