EOS/USD Medium-term Trend: Ranging

Resistance levels: $ 6, $7, $8.
Support levels: $5, $4, $3.

Yesterday, the price of EOS was in a bearish trend. The digital currency was fluctuating above $5.42 before the bearish breakout. The price fell to the low of $5.04 and commenced a range bound movement. Previously, the digital currency was range bound between the levels of $5 and $6.

The price of EOS has fallen to the lower price level. It is not likely that the price will depreciate further. If the $5 price level holds traders should initiate long trades and stop-loss orders below the $5 price level. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of EOS is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.

On the 1-hour chart, the price of EOS is in a sideways trend. The crypto’s price is fluctuating above the $5.14 price level. The price is below the 12-day EMA and the 26-day EMA which indicates that price is falling. In the same vein, the MACD line and the signal line are below the zero line which indicates a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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