EOS could turn bearish if bulls fail to maintain key levels

By James Gray·9 June 2020·1 min read

Key Points

EOS fell below $2.7537 this week, unable to clear the $2.83 resistance blocking its path.
Since Sunday, the token gained less than 1%, reversing last week's 5% jump to $2.814.
On a weekly basis, EOS s

EOS fell below $2.7537 this week, unable to clear the $2.83 resistance blocking its path. Since Sunday, the token gained less than 1%, reversing last week's 5% jump to $2.814. On a weekly basis, EOS stands down 3.57%, matching losses across most top ten cryptocurrencies. Ethereum, XRP, Bitcoin Cash, and Litecoin all slipped lower. Cardano proved the exception, staying in the green.

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EOS trades at $2.74, down 1.55%. The token spiked to $2.809 during Tuesday's Asian session, but sellers stepped in at $2.819 and drove prices down to $2.65 in the same window. EOS has now failed to break past $2.832 since Sunday.

Sellers could establish $2.819 as a major resistance level. If EOS breaks below it, the token could trade sideways for the next few days. Bears have spent recent sessions keeping prices beneath $2.80. EOS lost support around $2.79, and buyers must engineer a recovery to prevent further declines.

Sustained selling could drive EOS toward $2.61 or lower. Bulls defending $2.80 could open a path back to $2.832. If they break through that level, traders might target $3.0, with $3.881 as the next major barrier.

What traders do at $2.819 will determine the next phase. Buyers recapturing that zone could push toward $2.84 if they establish support around $2.61 and consolidate above $2.82. If sellers establish $2.61 as overhead resistance, EOS could slide toward $2.33.

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