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•EOS/USD is currently priced at $1.36 and has decreased by 0.99% over the past day
•The trading volumes have decreased by 13.57% over the past day
•The technical indicators suggest the altcoin is entering a period of consolidation
Short Term View: Bears still hovering as EOS Token is unable to shake them off
The EOS price today is $1.36 USD with a 24-hour trading volume of $276,679,447 USD. EOS is down 0.99% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.2054 for the altcoin.
The current market sentiment regarding EOS Token is one of indecisiveness. While the bulls started out the day quite strong, the market has experienced significant bear pressure in the last few hours. The choppy price action has led to the altcoin stumbling a lot recently and is currently transacting above the 20 SMA but below the 50 SMA on the four hour chart. The resistance for EOS Token is marked at $1.70 in the event of bulls making progress. On the flip side, the support for the asset resides at $1.15.
Long Term View for EOS Token
The RSI indicator for EOS has recovered from its recent oversold position and is currently transacting at 33.53. The MACD indicator shows that the red histograms have reduced in size. The altcoin has entered a phase of consolidation, with the MACD and signal lines still transacting in the negative territory. However, the gap has reduced between the two. Hence the altcoin can be expected to undergo a period of accumulation before a possible rally ahead.
Conclusion
EOS price action today has slightly bullish implications for the near term as the market. There is indecision amongst the investors and the accumulation phase is likely to last a few days before we see a move in a definite direction.
Support: $1.15-$1
Resistance: $1.70-$2
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.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
