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EOS Technical Analysis: EOS/USD tries to find support near $7.5, stays in oversold area

  • EOS/USD extends losses for the third straight day amid the negative sentiment surrounding cryptocurrencies.
  • The RSI indicator on the 4H chart stays near 20, suggest that a technical correction could be underway.

EOS/USD 4-hour chart

Spot rate:                   7.5200

Relative change:        -3.3%

High:                           7.7800

Low:                            7.3250

Trend:                        Bearish

Support 1:                  7.3250 (daily low).

Support 2:                 6.9500 (Jun. 24 low/psychological level).   

Support 3:                  6.4500 (Dec. 12 & 19 low).  

Resistance 1:            7.9500 (Fib. 61.8% retracement of Jun. 29 - Jul. 4 rise).

Resistance 2:             8.0000 (psychological level/horizontal support).

Resistance 3:             8.6500 (50-period SMA on 4-hour chart). 

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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