EOS (EOS) Price Analysis: EOS Coin Price Slips Below $3.00 Providing Bearish Signals

  • EOS coin price slipped below the crucial mark of $3.00 on Tuesday’s market session after developing strong sustainability above the mark 
  • The EOS/BTC pair has also turned significantly negative with a loss of -4.21% bringing the current level to 0.00012565 BTC 
Source: Coinmarketcap

On the weekly chart, EOS coin price faced a negative crossover below the major support level of $3.00 after rejecting several negative divergences from the past week. The levels were kind of consolidated during the week as the resistance level of $3.20 and $3.50 respectively were halting the positive momentum of the crypto asset. A sustainable break below the crucial mark of $3.00 can surely be a bearish indicator for EOS in the upcoming trading sessions. The CMP is placed at $2.88 with an overall loss of -4.15% bringing the market capitalization to $2,704,429,062 with the 24-hour volume traded of $3,286,844,069. The negative performance of the EOS/BTC pair might indicate a further negative trend for the crypto asset ahead in the market. 

EOS Coin Price Touching Bearish Levels on Chart 

Source: Tradingview

The technical chart of EOS highlights the testing of critical resistance zone around $3.50 done by the price levels in the previous month which resulted in a negative trend. However, the price levels held above the 0.618fib level (around $3.00) ensuring price sustainability on a longer timeframe. However, with the strong emergence of the bears in the overall market conditions from the past couple of days, the support level was broken below by the price levels. The current downtrend may find support around the 0.786fib level. 

The relative strength index (RSI) levels are currently looking for a vulnerable negative dip towards the oversold region. The current level stands at 38.32 

The moving average convergence & divergence (MACD) faced a bearish crossover and moving with the great significance of the bears in the levels. It might indicate that there is more potential downfall to come in the upcoming trading sessions. 

The directional movement index (DMI) is also showcasing significant bearish nature with -DI moving well above +DI and ADX. 

Will EOS Face Further Downfall In Upcoming Trading Sessions? 

The current technical levels and the overall market conditions are showing no signs of positive divergence for EOS. However, the price levels have support around $2.50 on the downside. A quick bounce above $3.00 may help the crypto asset to avoid more price damage. 

Resistance level: $3.30 & $3.50 

Support level: $2.40 

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

How useful was this post?

Click on a thumb to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?


Please enter your comment!
Please enter your name here