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•EOS/USD is currently priced at $2.52 and has decreased by 9.80% over the past day
•The technical indicators suggest a hawkish outlook for the near term
•The trading volumes have decreased by 41.77% over the past day
Short Term View: Will the EOS price downfall breach the $2 level?
The EOS Price today is $2.52 USD with a 24-hour trading volume of $859,293,056 USD. EOS is down 9.80% in the last 24 hours. The trading volumes have decreased significantly over the past day as a result of increased profit booking occurring at the current price levels. The Volume to Market Cap Ratio stands at 0.3454 for the altcoin.
Even though the EOS Price was able to clear the $2.50 resistance zone to move into a bullish zone, the recent upside wasn’t enough for EOS to overcome the bearish trend and the altcoin is starting to come back under downside pressure. The recent rally appears to be a false breakout. If the momentum continues to side with the bears and the bulls fail to cross the strong resistance around $2.75, then EOS price could witness a minor correction and drop to the support placed at $2.35 or even further. Currently, EOS is transacting above the 50 SMA but below the 20 SMA on the four hour chart, reflective of the indecision amongst the investors.
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Long Term View for EOS
The RSI slope for EOS is transacting above the 14-day average (trading at 50.55) and reflects a gradual rise in the underlying bullishness. Although a bullish crossover occurred on the daily MACD chart two days ago, yet the asset is displaying weak sentiment as it struggles to attract the buyers at the current price levels. The MACD and signal lines maintain a sideways trend after the bullish crossover and reflect a weakness in the underlying bullishness.
Conclusion
The EOS price is experiencing an increase in selling pressure, evident by the bearish engulfing candle developing on the daily chart. Hence the prices are likely to continue falling in the days ahead as buyers have given way for the sellers.
Support: $2.35-$2
Resistance: $2.75-$3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
