EOS Price Analysis: EOS breaks lower but is finding some support at 2.19
- EOS/USD trades nearly 4% lower on the session but things looked so promising earlier.
- The price broke out of the consolidation zone and is now retesting the top of the area.
EOS/USD 1-hour chart
It was all looking so good for EOS/USD earlier in the session and now the price has dipped lower. The pair is currently 4% down and looks to be testing an old resistance zone. EOS like most cryptos has suffered lots over the last month. But the daily chart rejected 1.05 on March 13th.
Looking at the MACD now the histogram just crossed the zero line to the downside. This is usually a bearish signal but can sometimes lag the price. The volume indicator is showing that more recently the buying volume is higher than the selling. But if there is a break into the old consolidation area it would be confirmed if the volume is high. If the volume is low it might be considered as a false break. The moving average is also providing some support at the moment and underneath price, the psychological 2.00 level may also help stem losses.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
