EOS Price Analysis – September 8
Looking at the daily chart, we can see that EOS has been consistently rising since August 30, 2019. Yesterday, the market had broken above the 21-day moving average and has since continued to rise higher.
Resistance levels: $4.5, $5.0, $5.5
Support levels: $2.5, $2.0, $1.5
The EOS/USD price is moving towards an upward formation after having some bullish sessions as soon as this month begins. Yesterday, the EOS/USD has increased from $3.22 to where it is trading presently at $3.7. The price is above the 21-day moving average. The stochastic RSI is moving into the overbought condition, indicating downward momentum.
In addition, if the EOS/USD tried to maintain its uptrend, the bulls could reach the resistance level of $4.5, $5.0 and $5.5. But the price of the EOS should fluctuate parallel to the chart, which could bring it back to a support level of $2.5, $2.0 and $1.5 respectively, but if the price of Bitcoin continues to rise, so EOS could give positive results in the intraday. Long-term buyers should not be bothered by the low impact on the road because the future of EOS is assured.
Yesterday, EOSBTC closed above the 21-day moving average with a strong bullish candle and has since been trading above the trend line; touching 3585 SAT high in the last few hours. The next key resistance level could be 3800 SAT resistance. The stochastic RSI moves towards the overbought which could suggest a possible drop; 2770 SAT and 2670 SAT supports are in view.
Meanwhile, a rebound from the above supports could send the EOS price to 3980 SAT resistance and above. But come to think of it, breaking the mentioned support may drop the price to the new low of the year; send EOS in a bearish zone. However, the trading volume confirms a strong bullish move.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
The post EOS Price Analysis: The Bulls Work Overtime to Raise Prices appeared first on InsideBitcoins.com.