HomeLatest NewsBears look for weakness from the bulls on EOS

Bears look for weakness from the bulls on EOS

June 9, 2020 By Benson Toti

EOS has broken below its major support level at $2.7537 after running into major resistance at $2.83

EOS has struggled to master a notable upside move in the last several trading sessions, with less than 1% in northside moves since Sunday.

Despite ending last week more than 5% up at $2.814, the bears have slowly pushed themselves into the fray to see the cryptocurrency currently post -3.57% down on weekly charts.

EOS is currently trending negative in both daily and weekly charts — as do most of the top ten altcoins, including Ethereum, XRP, Bitcoin Cash and Litecoin. Only Cardano, which has been on a roll lately, is in the green over weekly timeframes

Bears threatening EOS/USD

As of press time, the bears are making inroads into the bull territory as the token’s price has declined 1.55% to exchange hands at $2.74.

EOS started Tuesday’s trading in the Asian markets with an intraday surge to a high of $2.809. Sellers however instigated a reverse at the critical resistance level at $2.819 taking in intraday lows of $2.65.

The decline means that EOS has failed in attempts to breach $2.832 since Sunday. At the moment, the EOS/USD pair is likely to turn $2.819 into a major resistance level, and trades below this area could see the token’s value remain range-bound for the next few days.

This is not what the bulls want, given bears in the last few days have appeared intent on keeping EOS prices below $2.80. Current price action means EOS has taken out its first major support located around $2.79 and a quick bounce is now needed to keep prices from hitting lower levels.

If bulls don’t succeed, a bearish run could see EOS turn negative and sight lows of $2.61 or lower.

EOS/USD price on the 4-hour chart. Source: Tradingview

On the upside, if bulls sustain above $2.80, chances of the rebound providing a base for attempts at $2.832 remain. Success at this vital zone would give bulls the impetus to glance prices above $3.0, with $3.881 providing the next major resistance level.

What next for EOS price?

For the rest of the day, EOS bulls need to regain $2.819 to open up a possible rally to key the resistance price level of $2.84.

To make this a reality, buyers also need to build support around the $2.61 pivot and then consolidate above $2.82. If bears take charge and turn $2.61 into resistance, a potential meltdown could see the 9th ranked cryptocurrency plummet to lows of $2.33.