Technical Analysis for EOSUSD for 9th March 2022
EOS Recovers from 2022 Lows; EOSUSDT Buyers Targeting $2.3
Past Performance of EOS
EOS is still deep in red, down 38 percent from 2022 peaks as per the EOSUSDT candlestick arrangement in the daily chart. As EOS prices trickle down in a descending channel, sellers have been unloading on pullbacks targeting new 2022 lows, impacting EOS's liquidity.
EOS Technical Analysis
Traders may be optimistic, expecting a recovery. However, EOS is shredded at spot rates and could post more losses in the short term especially if bulls fail to build on recent gains. As long as EOS prices are within last week's trade range, every high could be an unloading opportunity towards $1.5. The immediate support line is $1.88—2022's all-time lows. EOS prices are tethered around this critical support level, pointing to the strength of sellers who have successfully pinned down EOS inside a descending multi-week channel despite early March 9 revival. On the more positive side, a recovery above $2.3 may be the base for a moonshot towards February highs of around $2.7 as EOS bottoms up.
What to Expect of EOS
The path of least resistance remains southwards, and EOS' valuation has subsequently suffered. The EOSUSDT price action in the daily chart shows that the coin has critical support at $1.88. However, EOS prices could recover if it builds on recent gains, closing above $2.3 and the descending channel.
Resistance level to watch: $2.3
Support level to watch: $1.88
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