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EOS Risks a Further Downtrend, Drops below Previous Overpriced Level at $3.10

Yesterday, patrons had been in a position to push EOS above the $3.10 overhead resistance because the market shot as much as $3.30 excessive. This is a optimistic transfer because the bulls had been in a position to break the three months previous resistance degree.

The bulls rebounded twice earlier than the resistance was breached. In the primary try, the worth was repelled because the market dropped to $3.Zero low. The resistance was breached as patrons made the second try to earlier highs.

Unfortunately, the latest excessive at $3.50 was near the earlier overhead resistance. Besides, the coin is going through resistance at the latest excessive. Today, the worth broke the earlier excessive however was repelled at $3.50 excessive. If the present downward transfer persists, EOS will drop to $2.80 assist. However, if the assist above $3.20 holds, the coin will resume the uptrend.

EOS indicator studying

As the worth is above the EMAs, the coin has been making spectacular strikes. A break above the assist line of the ascending channel will speed up the worth motion. Buyers who’ve been ready on the sideline might be attracted. However, the worth fails to interrupt the assist line.

EOS-CoinIdol.png

Key Supply Zones: $5, $6, $7

Key Demand zones: $3, $2, $1

What is the following path for EOS?

EOS is making optimistic strikes however fails to maintain above the earlier overpriced degree. A purple candle physique examined the 0.382 Fibonacci retracement degree. It signifies that the market will rise to degree 2.618 Fibonacci extension degree. The focused worth was reached however a additional upward transfer was rejected at $3.50 excessive. EOS risked additional downward transfer as worth breaks below $3.10 assist.

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Disclaimer. This evaluation and forecast are the private opinions of the writer and never a suggestion to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by Coin Idol. Readers ought to do their very own analysis earlier than investing funds.

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