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- EOS price breakdown ascending trendline in the intraday trading session.
- Amidst the downtrend, the buyers lost the crucial $1.0 area, flipped into resistance.
- The RSI entered the sideways trend after moving below the 50 mark.
EOS price was affected by the ongoing news flow. The largest cryptocurrency – Bitcoin received higher price rejection at $18,300 as the Fed raised interest rates by +50 basis points. The market is facing selling pressure, meanwhile the EOS price follows the same path.
Ultimately, the buyers failed to sustain EOS price above the rising trendline. The buyers also have a chance to close a daily price candle above this level to prevent themselves from a sharp selloff. Notably, the $0.80 mark will be the next support for a rebound, at this point the bulls should hold the crypto price.
However, over the weekly price chart, price action reflects double bottom formation. Hidden price action may impact EOS coin in the long-term outlook. Nevertheless, Amid downtrend, buyers lost the vital zone of $1.0, flipped into resistance while EOS coin against the USDT is trading at 0.92 at press time.
Market capitalization is down 4.4% at $1 Billion in the last 24 hours. However, trading volume seems low at $103 Million last night.
In terms of the daily price chart, EOS coin stays below all significant moving averages like 200,100 and 50. Following ahead, EOS price plunged below 20 DMA in intraday trading session. Thus the RSI entered into sideways territory after moving below the 50 mark. At the end, MACD also generated the bearish crossover.
Conclusion
The EOS price turned weak after slipping below the 20 day moving average line. Buyers lost the vital control zone of $1.0, now good for sustainable positivity. Now the $0.80 mark will be the next support for rebound, at this point bulls must hold crypto prices.
Support level – $0.80
Resistance level – $1.0 and $1.8
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
