EOS has been facing challenges below the $1.00 mark when compared to Bitcoin's performance. However, there is a possibility of a potential recovery if the price manages to surpass the $0.935 threshold.
Over the recent days, #EOS has been trading within a range below the resistance level of $0.95 against the US Dollar. It has demonstrated stability by holding above the support levels of $0.835 and $0.84.
After reaching a low around $0.829, the price of EOS is currently making efforts towards an upward correction. It has successfully surpassed the resistance levels at $0.865 and $0.880.
Additionally, the EOS/USD pair managed to break through the significant resistance at $0.900, resulting in a formation of a high around $0.912. At present, the price is consolidating its gains and trading above both $0.900 and the 50-day simple moving average.
Looking at the upside, there is an immediate resistance level around $0.920. The subsequent significant resistance can be found near the $0.935 mark or the 50% Fibonacci retracement level, which is calculated from the downward move starting from the swing high of $1.039 to the low of $0.832. Following that, there is another notable resistance near $0.960. If the price manages to surpass this level, it could potentially test the $0.980 mark. Further gains might even drive the price towards the $1.00 level.
If EOS is unable to overcome the resistance zone at $0.935, it would encounter immediate support near the $0.88 level, which coincides with the 200-hourly simple moving average. The subsequent crucial support level is around $0.850. Should the price experience a downside break below this support, it might test the $0.820 support in the near future.
EOS has a market capitalization of $989,729,869, with a 24-hour trading volume of around $75,274,978.
KEY LEVELS :
RESISTANCE LEVEL : $0.935-$0.960
SUPPORT LEVEL : $0.880-$0.850
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.
