This week appears strong for EOS as it posted significant gains, but the latest fakeout may trigger some loss in the next few days while the trend remains bearish on the daily outlook. Still, the price is up 15%. Like many other altcoins, EOS found support after testing a four-month low of $0.435 last week. It later recovered above $0.5 and remained quiet until Sunday when the market closed weak due to a sudden drop. Volatility increased on Monday – being the start of the week – and the price closed strong. It reiterated actions yesterday and surged heavily to $0.58 following a significant amount of volume inflow in a single day. This led to a breakout of a falling trendline, acting as diagonal resistance over the past three months, and the price touched $0.671 earlier today. Following a sharp rejection from this price level, it rolled over gains and traded back under the falling trendline at the time of writing. While this signals a false breakout on the daily chart, EOS may resume bearish anytime soon. If that happens, it may revisit last November’s low before retracing. Meanwhile, the price rejection looks like a pullback on the hourly chart. If it finds support nearby, we can expect a bounce back with a strong close above the trendline. Nevertheless, the trend is still in a downward range. A crack below the previous weekly low could facilitate more bleeding in the future. EOS’s Key Levels To Watch Source: Tradingview Right now, there’s no sign of a reversal. While $0.515 is considered a close level for a pullback, there’s key support at $0.435. A breakdown from there could slip the price to $0.4 – the last November low. A strong daily close above the trendline could bring a test at the $0.685 and $0.82 resistance levels. The next level for an increase is $0.99. Key Resistance Levels: $0.685, $0.82, $0.99 Key Support Levels: $0.515, $0.435, $0.4 Spot Price: $0.575 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
