- The EOS/USD pair is trading with a bearish bias at the 5.324 level, losing -6.02%.
- EOS has violated an upward trendline at $5.5, having violated the support level of $5.25.
- Forex trading participants may look for a sell trade below the $5.20 level to the target of $4.85.
On Tuesday, the EOS/USD pair is trading with a bearish bias at the 5.324 level, losing -6.02% so far. The day before, the EOS/USD pair extended its early-day upward performance and drew some fresh bids around the $5.560 level. If you are wondering what to expect and where to buy EOS, let’s find out below…
If you are interested in trading EOS/USD with forex robots, check out our guide.
EOSIO Market Data Oracle to Underpin EOS/USD
The EOS/USD price is trading near $5.3150 with a 24-hour trading volume of $1,366,413,438. EOS fell by -6.02% in the last twenty-four hours. Previously, the gains in the EOS price were also sponsored by its back-to-back development. In the past few days, on 19 August, the EOSIO market data oracle was launched.
Developed by AlgoTrader, this oracle would bring free access to the EOS Public Blockchain for live market data. The project is distinctly open-source and can also create new products like synthetic instruments, stablecoins, and derivatives.
Bullish Crypto Market Sentiment Support EOS/USD
The broader crypto market has fared well over the past twenty-four hours. Despite this, a few altcoins are still trying to perform better. The market’s 30th largest crypto, EOS, was one of them. The crypto market has been flashing green since the week started.
The latest upticks can witness this in BTC prices. The Bitcoin price traded above the $50,000 resistance, but there was no upside continuation. BTC hit the $50,500 resistance level and recently started a downside correction.
If BTC maintains its bias above the $48,250 support zone, it could gain further positive traction. On the upside, immediate resistance is near the $48,500 level. This was seen as one of the key factors that kept the EOS/USD coin pair higher.
Stronger US Dollar Weights on EOS/USD
The US dollar’s buying bias is a critical factor that kept the lid on additional gains in the EOS/USD prices. The broad-based US dollar maintained its early-day upward streak and remained well bid on the day amid higher US benchmark Treasury yields.
Furthermore, the gains were further bolstered after the Chinese crackdown on technology shares and hints that the US Securities and Exchange Commission (SEC) will raise difficulties for Beijing-based companies’ listing. This gives some further support to the safe-haven dollar.
EOS Price Prediction – Technical Levels
Support Resistance
2.520886 2.805594
2.334925 2.904341
2.236177 3.090303
Pivot Point: 2.619633
EOS/USD Crossed Below 50 EMA – Where to Buy EOS?
EOS’s development activity has started to pick up the pace. The altcoin has been trading very close to its support levels over the last couple of days. Conversely, it faces a couple of immediate resistances at $5.6 and $5.9. On the 2-hour chart, the EOS/USD pair has violated an upward trendline at $5.5, having violated the support level of $5.25. The breakout of the $5.25 support level could expose the EOS towards the $4.85 support level.
The 50 days EMA (Exponential Moving Average – Red Line) extends resistance at 5.60. Since the EOS/USD has crossed below this level, the chances of a bearish trend remain pretty solid. Therefore, forex trading participants may look for a sell trade below the $5.20 level to the target of $4.85. Alternatively, if EOS survives above the $5.20 level, we may see a buying trend with a target of $5.70. All the best.
Where to Buy EOS?
You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
Looking to buy or trade crypto now? Invest at eToro!
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