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- The consolidation period of EOS has ended negatively as it is facing negative momentum on Friday’s market session
- The EOS/BTC pair is also performing negative with a loss of -2.42% bringing the current level to 0.00022442 BTC
The consolidation period for EOS didn’t end up well as it was welcomed by the bears resulting in more damage to the price levels. The CMP is at $2.54 with an overall loss of -2.56% bringing the market capitalization to $2,380,802,316 with the 24-hour volume traded of $2,102,924,239.
The weekly price chart reflects on the consolidation faced by EOS between the price range of $2.60 to $2.70. The resistance level of $2.70 and $2.90 respectively completed halted the price growth of the cryptoasset besides overall price recovery action in the market from the starting of the month. The fundamentals provided by its community were also not enough to sustain the bulls for the week. During, the ongoing price correction activity in the overall market, it broke below the support level of $2.60. The EOS/ETH pair is on continuous downfall which is giving significant bearish signals in the market. The pair is now below 0.0070 ETH. it started the month from the level of 0.0080 ETH.
Technical Levels Turning Bearish for EOS
The technical chart highlights the significant downtrend faced by EOS in the past month which is followed by an intraday positive candle due to the fundamental news provided by the community. The bulls were unable to sustain the positive momentum and the cryptoasset got trapped in a strong consolidation phase. Due to the ongoing price correction activity in the overall market conditions, the price levels have dropped below the 0.236fib level providing bearish signals in the market.
The directional movement index is improving the levels somehow in which ADX (26.87) is looking for a bullish crossover against +DI(8.8474)
The commodity channel index is prevailing in the oversold region with the current level of -207.35.
The relative strength index is preventing to reach the oversold region with the level of 31.09.
Will EOS Price Levels Face More Damage?
The technical aspects for EOS are trying to avoid any further bearish levels which can prevent further downfall. However, the overall market conditions should favor the cryptoasset at the same time.
RESISTANCE LEVEL: $2.70 & $2.90
SUPPORT LEVEL: $2.40
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
