EOS Price Analysis – May 17
With the current market condition, the EOS market has been subdued with a choppy price action due to the last 24-hours bear-rush in the market. Both markets are now in a bearish condition, losing substantial trade volume which is significant in the market.
Resistance levels: $6.4, $6.8
Support levels: $5.6, $5
In the past week, EOS has witnessed a positive move after following a bullish sentiment. The market traded within a channel before experiencing a break-down, positioning the market in a downtrend.
EOSUSD, 4H Chart – May 17
In the last 24-hours of trading, the token has remained choppy and steady at around the $5.9 level. The next possible decline may encounter support at $5.6 level. On the upward movement, we can expect the market at immediate resistance of $6.4 and above.
Viewing the 4-hours RSI, the market is leveled horizontally, showing an ongoing side-way market which is likely to play out on both sides. The 4-hours Stochastic RSI lies at the oversold region, suggesting a possible buy.
EOS Price has substantially dropped into the past weeks of trading, following a bearish sentiment. The sellers have marked a low at 0.0007BTC before rising to the current price of $0.000822 level, touching the descending trend line.
EOSBTC, 4H Chart – May 17
While consolidating for the past 24-hours, EOS market is deciding on the next move which is yet unknown. As suggested on the 4-hours Stochastic RSI, the market is dropping to the oversold zone. The 0.00075BTC lies for a potential price drop.
On the 4-hours RSI, a positive move is revealed after staying above the 50 level, leaving the bearish territory. The likely resistance lies ahead at the 0.0009BTC level. EOS is however bearish on the medium-term chart.
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