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EOS Is Ready To Climb As Bears Hold Pressure, Will Price Surge?

EOS Price Analysis – June 7

Bitcoin’s price fluctuation over the past few days has led the most top 20 cryptocurrencies to a bear-run which gained recovery back around $8000 earlier today. Now, EOS has appeared to follow the positive move. The next few days trading will determine the actual direction for the token. As of now, the EOS market is still in the bearish territory.s

EOS/USD Market

Key Levels:
Resistance levels: $7, $8, $8.7
Support levels: $6, $5.3, $4.5

The last month trade closing around $8 has led the EOS/USD pair on a decline and has brought the market to the current monthly low of $6. The bearish scenario was led by a channel break-down as EOS price now trades at around $6.7 after a double bottom pattern – a bullish signal for the market. We can expect a buy trade towards the $7, $8and the $8.7 on a rise.

EOSUSD-4H-Chart-June-7

If the token swings low, the key level of support to look for is the important $6 which might determine a further bearish rally at $5.3 and $4.5 support. In fact, the few days sell-off was shown on the 4-hours Stochastic RSI in the extremely oversold region, now appeared bullish. The 4-hours RSI is now facing the 50 level, a crossover might raise EOS price to the immediate resistance.

EOS/BTC Market

Following Bitcoin move, the EOS price has dropped by 20% in the past few days of trading after opening short for the month with a low record at 0.00079BTC. As it stands now, EOS prepares for a new high wave as the 0.00085BTC, 0.0009BTC, 0.00095BTC, and the 0.001BTC levels are likely to be tested.

EOSBTC-4H-Chart-June-7

However, the cryptocurrency has been subjected to a bearish control as sellers may resume pressure if the bulls fail to react strongly to the price action. The potential supports to watch out for are 0.00079BTC, 0.00075BTC and 0.0007BTC. Looking at the current market condition on the RSI indicator, the token is reflected below the 50 level, attempting to cross-over. On the Stochastic RSI, the token is now overbought.

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.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.