EOS Price Analysis – June 20
While the EOS/USD pair managed to follow an ascending channel, the EOS/BTC is trending in a descending channel. However, the past three days have brought both markets in a decline as the price drops by 3%. If the EOS markets break low, selling pressure may locate close support.
Resistance levels: $7.4, $8
Support levels: $6.3, $6
EOS has witnessed a little price increase in the past two weeks since the market plunged to $6 in early this month. The ascending channel trading has led the cryptocurrency to $7.4 at the upper channel before bouncing low which is now testing the lower channel at $6.7. EOS is likely to break or bounce. In fact, the 4-hours RSI has faced the overbought zone.
For a bounce, the bulls may have to engage strongly in the market in order to push the market higher. The key resistance is likely at $7.4 and $8 levels. On the other hand, a further selling pressure can break the channel down to $6.3 and $6 supports.
The EOS price has been significantly dropping since the beginning of June as the market now follows a bearish sentiment. The token has seen a 25% loss during the course of the twenty-one days price drop. Currently, the cryptocurrency is sitting at the lower channel. A rebound is expected at 0.0076BTC resistance. A further rise could set a bull-run for the market.
A look at the 4-hours RSI indicates that EOS is trading in the oversold region. A continuous trade at this region could slip the market to the May low at 0.0007BTC and below. For the bulls to regain momentum there’s a need for a bullish reversal. A cross above the 50 level of the RSI may confirm that.
Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.