EOS Price Analysis – May 23

  • The price of EOS has broken the support level at $12  and fell to the low of $11.
  • A stop loss should be placed above the support level at $12 after initiating a short order.

EOS, EOSUSD, CryptoCompare chart

EOS USD Medium-term Trend: Bearish

Supply levels: $13.0, $12.5, $12.0

Demand levels: $10.0, $10.5, $11.0   

Yesterday, the price of EOS fell to the low of $13.05. Presently, the price of EOS is currently range bound between the levels of $15 and $12. The assumption was that if the price broke the support level at $12, a short trade should be initiated. On the other hand, if the support level was held the asset would continue with its range bound movement. EOS is currently trading at $11.25 as at the time of writing.

Today, from the weekly chart, the support level at $12 has been broken like the levels of other cryptocurrencies that were broken. This is an opportunity for traders to place short trades since the level is broken. A stop loss should be placed above the support level at $12. The relative strength index period 14 is level 19 indicates that the market is oversold suggesting bulls will take control of the market.

EOSUSD Short-term Trend: Bearish  

EOS, EOSUSD, CryptoCompare chart

On the daily chart, the price of EOS is bearish. The asset was in a range bound movement while at a price of $12.8. It later fell to the low of $11.8, made a pullback and resumed its range bound movement.

   

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