EOS - 6h. Below $ 3.7, buyers will have problems

The tense situation in the altcoin market and the weak reaction to BTC's attempt to start growing is starting to worry. Analyzing the EOS cryptocurrency over the past two months, buyers have completely given the initiative to the wrong hands. If in the period of June 8-13, buyers had every chance to reverse the local sellers' trend, now we see a lack of support and desire:

On the 4 hour timeframe, we showed how buyers held the important range of $4.4-4.7 for a month, which has now become their main problem. On May 19, during a massive fall in the cryptocurrency market, EOS buyers kept the price in this range. However, a month later, sellers without volumes were able to lower the price lower and take control of this important range without any problems.
On the 12 hour timeframe, you can clearly see that the EOSUSD price is moving in the white channel of the fall from May 27:


The lower trend line works out especially accurately. Yesterday, buyers had a chance to go beyond the white channel and break the sellers' plans. However, as we see on the chart with such trading volumes, it is very difficult to reverse the medium-term trend.

Local scenario for the EOS market.

On the 6 hour timeframe, the price moves in a black wedge. The critical point for the continuation of the upward trend is at $3.7. Below this level, buyers will lose local initiative and will again have to prove their strength at the level of $3.35. Therefore, below $3.7, we would not recommend holding this coin for local speculation in the EOS market.

If the mark of $3.7 is held, we will expect the price to continue to rise to $4.4-4.7. At this point, it is worth thinking about fixing profitable short-term positions.

If we look at the global situation in the EOS market, we can see that the price is practically at a historical low:

On the EOSBTC chart, it is noticeable that globally buyers are gaining a large position since January 2021 at the moment, if we see another wave of decline in the EOSBTC market, this will give investors an opportunity to buy the coin for a long term in the range 0.0000725-0.0000850.

To summarize our analysis:
Local continuation of growth is possible after the price fixes above $3.7
The target of the local growth trend is in the range of $4.4-4.7
The loss of the $ 3.35 mark will open the way for sellers to $2.5
The first big target for the growth of the EOS market is $8.
_____________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!