EOS/USD Analysis

EOS/USD Analysis

Gate Trade EOS Tuesday, March 10, 2020 436 0

EOS turned down sharply from the 20-day EMA on Mar. 7 and plunged below the 200-day SMA on Mar. 8. The failure of the bulls to defend the 200-day SMA at $3.35 is a huge negative as it shows a lack of buyers even at that level.

Currently, the bulls are attempting to defend the psychological support at $3 but the failure to achieve a strong rebound could attract further selling. If the EOS/USD pair slides below $3, a drop to $2.4001 is possible. The downsloping 20-day EMA and the RSI close to the oversold zone show that bears have the upper hand.

Alternatively, if the pair rebounds off $3, the bulls will attempt to push the price back above the 200-day SMA. If successful, a relief rally to the 20-day EMA and above it to $4 is possible. We will wait for a new buy setup to form before proposing a trade in it.