EOS Price Analysis – May 8
Following the EOS market, the value of the token has been drastically low in the last three weeks of trading due to selling pressure in the EOS/BTC market. For the past two weeks, the EOS/USD market has been rising with a gain of about 20% in the course of the weekly trading. As of now, both markets are moving in the opposite direction.
Resistance levels: $5.4, $5.8
Support levels: $4.6, $4.2
EOS was revealed to bounce after making a bottom at $4.4 level leading the market in a two weeks positive move as the cryptocurrency rise in a channel. As the bulls managed to gain control of the market, the buying pressure is supported along with the trailing 50-day moving average; the yellow band.
The ultimate target for the bulls lies ahead at $5.4 resistance level. A further incline move could provide another price at $5.8 level. However, if the lower channel fails to hold as support, the $4.6 and $4.2 levels may be located in a short time.
Considering the last 24-hours trading, the medium-term RSI is currently reflecting a bearish move as further drop may be supported by the 30 level. Now, we can say the EOS/USD market is still bullish.
The bearish scenario is getting strong for EOS market as price actions continue to remain below the 50-day moving average – yellow line. Significantly, the sellers have gained control of this market as more dip-selling is expected in future trading.
Quite obviously, the 4-hours RSI has been revealed below the 50 level following the mid-April drop. The decline was also signaled on the important yellow line with a low cross. In case of price increases, we can expect a buying pressure at the 8750SAT resistance level and above.
The bearish rally, however, may further provide support around 7800SAT and 7500SAT levels. Still, the bearish channel would continue to guide the price actions until the market makes a positive move.
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