Last month’s performance was impressive as EOS recovered from a broad correction phase after weeks of consecutive losses. Unfortunately, he later stopped buying after encountering heavy resistance late in the month. This led to a significant decline, and the cryptocurrency lost momentum daily. However, there is still hope for buying as the market is currently searching for a key retracement level in the ongoing pullback phase. Locating support at $0.6 could trigger a surge capable of triggering another buying phase on the daily chart. A continued decline could take us back to the March low. Additionally, it is important to note that the recent decline was largely caused by the recent declines in the price of Bitcoin. If it remains quiet for a while, EOS may resume the uptrend at full speed. But for now, it seems like the base coin has caused a little disruption to the entire cryptocurrency space. EOS’s recent upward trajectory still looks intact on the weekly chart, although it has yet to complete the double bottom formation. While a break above $1.6 would set the market up for an explosive rally, a break below the March low could trigger a major crackdown on the medium-term scale.
Key EOS Levels to Watch
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source: Tradingview(/Explanation) In a sustained pullback, the closest retracement level is $0.545. Just below it is the March low of $0.435. If the selling advances, the next levels to consider would be $0.33 and $0.3. For the recovery, it may face resistance at $0.8 and $0.885. A pass through these levels could push buying to $1,034 and possibly $1,278. At any time. Key Resistance Levels: $0.885, $1.034, $1.278 Key Support Levels: $0.545, $0.435, $0.33
- Spot price: $0.67
- Trend: bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
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