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EOS, Ethereum and MATIC Daily Tech Analysis – 11/12/19

By:
Bob Mason
Updated: Dec 11, 2019, 05:15 UTC

MATIC finds early support as the rest of the pack struggles in the early hours. A move through to key levels is needed to avoid more losses...

Cryptocurrency Ethereum with One Dollar Bill as financial concept.

EOS

EOS fell by 2.04% on Tuesday. Following on from a 3.16% slide on Monday, EOS ended the day at $2.6161.

A range-bound start to the day saw EOS strike an early morning intraday high $2.6851 before falling back to a late morning low $2.6430.

Steering clear of the major support and resistance levels, EOS slid to a late afternoon intraday low $2.5762.

EOS fell through the first major support level at $2.6080 before finding support late in the day to close out at $2.61 levels.

At the time of writing, EOS was down by 0.1% to $2.6135. A mixed start saw EOS rise to an early morning high $2.6275 before falling to a low $2.6080.

EOS left the major support and resistance levels untested early on.

EOS/USD 11/12/19 Daily Chart

For the day ahead

EOS would need to move back through to $2.6250 levels to support a run at the first major resistance level at $2.6742.

Support from the broader market would be needed, however, for EOS to break back through to $2.62 levels.

Barring a broad-based crypto rally, the first major resistance level would likely pin EOS Back on the day.

Failure to move through to $2.6250 levels could EOS slide deeper into the red.

A fall through the early morning low $2.6080 would bring the first major support level at $2.5653 into play.

Barring a crypto meltdown, however, EOS should steer well clear of the second major support level at $2.5163.

Looking at the Technical Indicators

Major Support Level: $2.5653

Major Resistance Level: $2.6742

23.6% FIB Retracement Level: $6.62

38% FIB Retracement Level: $9.76

62% FIB Retracement Level: $14.82

Ethereum

Ethereum fell by 1.18% on Tuesday. Following on from a 2.25% decline on Monday, Ethereum ended the day at $145.54.

Tracking the broader market, Ethereum rose to an early morning high $148.22 before hitting reverse.

Falling short of the first major resistance level at $150.28, Ethereum slid through to a late intraday low $143.81.

The sell-off saw Ethereum fall through the first major support level at $145.50 before finding support.

Finding late support, Ethereum broke back through the first major support level ahead of the day end.

At the time of writing, Ethereum was up by 0.01% to $145.56. A mixed start to the day saw Ethereum rise to an early morning high $146.29 before falling to a low $144.98.

Ethereum left the major support and resistance levels untested early on.

ETH/USD 11/12/19 Daily Chart

For the day ahead

Ethereum would need to move through to $145.90 levels to support a run at the first major resistance level at $147.90.

Support from the broader market would be needed, however, for Ethereum to break out from the morning high $146.29.

Barring a broad-based crypto rebound, resistance at $147 would likely limit any upside on the day.

Failure to move through to $145.90 levels could see Ethereum take another hit.

A fall through the morning low $144.98 would bring the first major support level at $143.49 into play.

Barring a crypto meltdown, however, Ethereum should steer clear of the second major support level at $141.45.

Looking at the Technical Indicators

Major Support Level: $143.49

Major Resistance Level: $147.90

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

MATIC Network’s MATIC

MATIC tumbled by 49.52% on Tuesday. Following on from a 17.38% slide on Monday, MATIC ended the day at $0.017246.

It was a particularly bearish start to the day. MATIC slid from an early morning intraday high $0.034856 to an early morning intraday low and swing lo $0.011187.

The meltdown saw MATIC slide through the day’s major support levels before finding support.

A move back through to $0.02 levels by mid-morning was short-lived, however, with MATIC wrapping up the day at sub-$0.02 levels.

Tuesday’s sell-off led to the formation of a near-term bearish trend formed at 9th December’s swing hi $0.042821

At the time of writing, MATIC was up by 2.82% to $0.017733. A mixed start to the day saw MATIC rise from an early morning low $0.016876 to a high $0.018541 before easing back.

Steering clear of the major support and resistance levels, MATIC came up against the 23.6% FIB of $0.0186 before falling back.

MATIC/USD 11/12/19 Daily Chart

For the day ahead

MATIC would need to move through to $0.0211 levels to support a run at the first major resistance level at $0.0310.

Support from the broader market would be needed, however, for MATIC to break out from the 23.6% FIB of $0.01860.

Barring a broad-based crypto rebound, resistance at $0.02 would likely limit any upside on the day.

Failure to move through to $0.0211 levels could see MATIC reverse the early upside.

A fall through the morning low $0.016876 would bring the Tuesday’s low $0.011187 into play before any recovery.

Barring another meltdown, however, MATIC should steer clear of sub-$0.01 levels.

Looking at the Technical Indicators

Major Support Level: $0.0073

Major Resistance Level: $0.0310

23.6% FIB Retracement Level: $0.0186

38.2% FIB Retracement Level: $0.0233

62% FIB Retracement Level: $0.0307

Please let us know what you think in the comments below.

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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