EOS Rebounds, Attempts to Break Into the Previous High
Dec 20, 2020 at 13:26 //
NewsFor the past week, EOS has been making positive moves on the upside. Before now, EOS has been falling since November 24.
Today, EOS has recovered after rebounding at the low of $2.65. The crypto is facing rejection after testing the resistance at $3.25 twice. Buyers have been attempting to break this resistance since November 30.
On the upside, if the bulls can push the coin above the $3.30 resistance, EOS will retest or break above the $3.80 overhead resistance. For about three days buyers were resisted after testing the resistance but the crypto finds support above $3.0 support. The bulls are on the advantage because the coin is in the bullish trend zone. The bulls have to sustain the price above the $3.0 support for the coin to resume an upward move.
EOS indicator reading
EOS is above the 60% range of the daily stochastic. It implies that the coin is in bullish momentum. The crypto is likely to rise because the price bars are above the SMAs. The current bullish momentum will continue as long as the bullish trend line remains unbroken.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
What is the next direction for EOS?
EOS is trading in the bullish trend zone. There are chances of the crypto revisiting the previous highs. On December 17 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. It indicates that EOS will rise to level 2.0 Fibonacci extensions. That is the high of $3.67.
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
