|

EOS: Reaches the point of high resistance

  • EOS consolidates after a good rally earlier this week.
  • Reaches stiff resistance that is hard to cross.

EOS, the coin that once surprised everyone last year with a rally that defied the gravity at a time when all the other coins were hit hard by the bear market, has now reached a point of stiff resistance from where it would be difficult for the bulls to continue charging up.

EOS/USD is up nearly 3 percent on day at $5.335, not far from day's low but not too away from the day's high either. On the daily chart, earlier this week, the price of this coin retraced exactly from two key trendline resistances. One drawn from Sept-Oct 2018 highs and another drawn from recent rally's higher highs.

As long as prices remain under these two key trendlines, bears can anyday attack the prices lower and take it towards sub $5 levels, towads $4.5. However, if it does manage to cross and sustain past these two obstacles, then next halt is nowhere lesser than at least 50 percent rally past current levels.

EOS/USD daily chart:


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Author

Manoj B Rawal

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

More from Manoj B Rawal
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.