EOS went offensive last month after locating a solid ground in the dip. It faced rejection and later lost momentum in the late month. While currently in a sell mode, it is looking for a key support level to rebound.
Last month’s performance was impressive as EOS recovered from a broad correction phase after weeks of consecutive losses. Unfortunately, it later halted buying after facing tough resistance in the late month. This fueled a major decrease, and the crypto lost momentum daily.
However, there’s still hope for buying as the market currently looks for a key rebound level in the ongoing pullback phase. Locating support at $0.6 could trigger a surge capable of activating another buying phase on the daily chart. A continuous dip could roll us back to March’s low.
Additionally, it is essential to note that the latest pullback was majorly triggered by the recent drops in Bitcoin’s price. If it stays calm for a while, EOS could resume bullish at full speed. But for now, the primary coin seems to have caused a little disruption in the entire crypto space.
EOS’s recent bullish trajectory is still looking intact on the weekly chart, although it is yet to complete the double-bottom formation. While pushing above $1.6 should set the market up for an explosive upsurge, a drop off March’s low could trigger a major crackdown on the mid-term scale.
Source: Tradingview
In the ongoing pullback, the closest level for a rebound is $0.545. Right below it lies March’s $0.435 low. If the selling advances, the next level to consider would be $0.33 and $0.3.
For a rebound, it may encounter resistance at $0.8 and $0.885. Passing through these levels could propel buying to $1.034 and potentially $1.278. in no time.
Key Resistance Levels: $0.885, $1.034, $1.278
Key Support Levels: $0.545, $0.435, $0.33
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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