EOS Slips Below 10-DMA After facing Negative Reversals From Resistance Level of $3.00

  • EOS price levels were unable to provide a positive, sustainable breakout above the major resistance level of $3.00, resulting in negative momentum in the current market session
  • The EOS/BTC pair is also performing negative with a loss of -1.56%, bringing the current level to 0.00015212 BTC 

On the monthly price performance chart of EOS, the price levels had a significant positive crossover above the significant resistance level of $3.00 in the previous month. The positive rally of the crypto asset halted at the price level of $3.50, which was the retracement’s origin in the levels. The price levels faced a sharp negative divergence, halted at the support level of $2.70. After that, EOS made simultaneous attempts to have a positive crossover above the significant resistance level; however, it failed. During the current market session, the price levels started to face significant negative reversals from the resistance point, and the growing bearish nature in the overall market conditions. 

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The CMP is placed at $2.88 with an overall loss of -2.66% for the day with the market capitalization of $2,674,656,486 and the 24-hour volume traded of $2,132,403,434. The significant negative performance of the EOS/BTC pair might indicate that the crypto asset might face further price damage in the upcoming trading sessions. 

Technical Levels Takes Negative Dip as EOS Faces Downtrend 

The technical chart highlights the strong positive momentum built by the price levels of EOS in the previous month with the overall market conditions and fundamentals. However, as the bullish rally reached its peak point, the price levels witnessed a sharp negative divergence resulting in the negative breakout below the significant resistance level of $3.00 again. The current downtrend has provided a negative crossover to the price levels against 10-DMA, a bearish signal. 

The moving average convergence & divergence (MACD) has also faced a bearish crossover indicating that the levels could damage upcoming trading sessions.

The relative strength index (RSI) is also showcasing negative nature and looking vulnerable for a negative dip towards the oversold region with the current level of 38.70

The directional movement index (DMI) is also showcasing extreme bearish nature as ADX (12.42) moves well-below -DI (29.14) 

Resistance level: $3.00 

Support level: $2.70 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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