Lokesh Gupta
06-07-2023
If the price breaks below the $0.70 support level, it is likely to decline further. However, earlier this week, the price of EOS experienced a notable increase, surpassing the resistance zone at $0.75 against the US Dollar. It continued to rise above $0.80 and remained stable above the 50-hour simple moving average.
A peak was reached near $0.808 before the price began to undergo a downward correction. The price dropped below the $0.765 support level, entering a short-term bearish zone. Furthermore, it fell below the 50% Fibonacci retracement level of the upward movement from the $0.638 swing low to the $0.808 high. The pair even tested the 61.8% Fibonacci retracement level of the upward movement from the $0.638 swing low to the $0.808 high.
The immediate resistance for EOS is at around $0.755. If it surpasses this level, the first significant resistance lies at approximately $0.780, which, if broken, could lead to a steady upward movement. The main resistance remains at $0.810. A decisive breakthrough above this level could result in further gains, potentially pushing the price towards the $0.880 level.
EOS faces immediate support around $0.730, followed by a crucial contracting triangle forming with support at approximately $0.705 on the 4-hour EOS/USD chart. The subsequent significant support rests near $0.680. A break below this level may lead to a retest of the $0.620 support.
According to price analysis, EOS has a market capitalization of $827,131,875, with a 24-hour trading volume of around $145,095,968.
KEY LEVELS :
RESISTANCE LEVEL : $0.765-$0.790
SUPPORT LEVEL : $0.710-$0.670
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
5 months ago
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