EOS was in a bull market as it reached a high of $2.90 on June 2. The coin reached the overbought region of the market. Sellers emerged to push the coin downward.
The crypto has continued to fall after the overbought region. Today, EOS is consolidating between $2.45 and $2.60 after the breakdown on June 11.
The coin is trading at $2.54 at the time of writing. The bulls have tested the $2.60 resistance thrice to break it but to no avail. The current support is holding as buyers defend it. On the upside, a strong bounce above $2.50 will propel price to break the $2.60 high and retest the $2.90 resistance. Meanwhile, the coin is rising and approaching the $2.60 resistance.
EOS indicator reading
EOS is consolidating above $2.45 after the recent breakdown. The price action is dominated by small body candlesticks. These candlesticks are describing the current market situation. That is buyers and sellers are indifferent about the direction of the market. Also, the coin may further depreciate as price is below the EMAs. Presently, EOS is above the 25 % range of the daily stochastic. The stochastic bands are sloping horizontal indicating the sideways move.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
What is the next direction for EOS?
EOS uptrend is not strong. Any further depreciation will sink the coin into the oversold region. Presently, it has fallen to $2.54 low at the time of writing. The coin will reach the previous low of $1.50 if selling pressure continues.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
