EOS in Strong Downtrend, Makes Deeper Correction

EOS in Strong Downtrend, Makes Deeper Correction

November 1, 2020

EOS has been in a downward move. For the past week, buyers attempted to push the coin into the bullish trend zone.

In the process of pushing into the bullish trend zone, it faced another rejection at $2.70. This compounded the earlier downtrend as the coin declined to $2.39. However, from the price action, the downtrend is likely to continue. Presently, EOS is range-bound between $2.45 and $2.80. The downtrend will resume if price breaks the support line.

EOS indicator reading 

The crypto is in a horizontal channel as the coin resumes a sideways move. On the upside, if price breaks the resistance line and closes above it, the uptrend will resume. Conversely, if the bears break below the support line, the downtrend will continue. The SMAs are sloping horizontally indicating the sideways trend.

Key Supply Zones: $5, $6, $7

Key Demand zones: $3, $2, $1

What is the next direction for EOS?

The downtrend is continuing according to the price action. On October 30 downtrend, a retraced candle body tested 61.8% Fibonacci retracement level. The implication is that EOS will further decline to1.618 Fibonacci extension level. That is EOS will decline to a $2.16 low.

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.

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