EOS Price Analysis – July 8
The EOS price is being attacked by the bears just as many of the coins in the crypto market are in the red zone.
Resistance levels: $5.5, $6.0, $6.5
Support levels: $2.5, $2.0, $1.5
EOS/USD sudden drop disappointed the traders as the market confirms the downtrend today. However, the EOS price is seen sliding below the 9-day and 21-day moving averages. Meanwhile, a couple of days ago, a slight improvement was felt as the coin changed and turned green before reverting back to the negative side yesterday.
EOS Price Analysis: What to Expect from EOS
At the moment, the EOS price is changing hands at $3.66 where it faces down. Moreover, if the price rises above the upper boundary of the channel, it could possibly break the $4.0 resistance level. However, any further bullish movement may likely push the coin towards the resistance levels of $5.5, $6.0, and $6.5.
On the other hand, as the EOS price slumps below the 9-day and 21-day moving averages, the bears may keep the coin moving towards the lower boundary of the channel to hit the critical supports at $2.5, $2.0, and $1.5 respectively. Similarly, the technical indicator Relative Strength Index (14) confirms the downtrend as the signal line crosses below 40-level suggesting more bearish signals into the market.
EOS/BTC Market: Consolidating to the Downside
Against Bitcoin, the price is moving below the 9-day and 21-day moving averages with a bearish candle facing the downside. The technical indicator Relative Strength Index (14) is seen moving towards the south which could give more bearish signals into the market. Therefore, further bearish movement may surface as the support level is located at 90 SAT and below.
However, if the bulls hijack the price and push it above the upper boundary of the channel, it could reach the resistance level of 135 SAT and above. Meanwhile, the bulls may have to gather enough momentum to be able to push the price to the north. Nonetheless, the trading volume is confirming the bearish movement at the time of writing.