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EOS Remains Bearish: Heading For Close Resistance Before Rally Continues

EOS Price Analysis – June 29

The past few days price drop has positioned the EOS markets in a decline bringing the current trading price around $6. The last 24-hours trading, however, has risen the market by 5.2% as the cryptocurrency now manage to recover from the sudden price decrease.

EOS/USD Market

Key Levels:
Resistance levels: $6.5, $7.2
Support levels: $5.5, $5

After establishing low at around $5.5, the EOS/USD market has managed to recover a bit from the three days bearish scenario the market suffered from, as EOS price currently trades at $6. Meanwhile, the last 24-hours trading has shown some positive climb as the token faces the $6.5 and $7.2 on the upside. However, the market remains trading within a descending channel.

EOSUSD-4H-Chart-June-29

The 4-hours RSI is now retesting the close to the 30 level after the recent selling pressure in the market. But now, the indicator has signaled a bullish crossover. If the price further drops, the EOS bears may find support around $5.5and $5 levels. At the moment, the EOS market is bearish on a medium-term perspective.

EOS/BTC Market

The EOS/BTC pair has tumbled over the past few days as the market witnessed a significant drop to the current low of a 0.0005BTC level, recording a 100% loss during the course of the trade. Looking at the medium-term chart, we can see that the bears are gaining control of the market. As the market continues to sell-off, the next key supports is likely at the 0.00045BTC and beyond.

EOSBTC-4H-Chart-June-29

Meanwhile, the 4-hours RSI indicator is at the extremely oversold region due to the ongoing selling pressure in the market. For the bulls’ side, a possible rise-up might fly the market to 0.0006BTC and 0.00065BTC resistance levels. On the 4-hours Stochastic RSI, the market has reached the overbought area and this might trigger a sell in the market soon. As of now, the EOS market is following a bearish sentiment.

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.