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The price action of the EOS crypto showed that selling pressure was noted on the charts and that it has been in a downtrend, forming lower lows over the past few months. Moreover, due to declining investor interest, trading volume was below average.
Furthermore, the EOS showed a decline in user activity which also reacted as a negative sentiment for the crypto and led to bearishness in the charts.
The ongoing trend favors bears, and the crypto was also in a corrective phase, which made buyers cautious. Moreover, the EOS is below the significant moving averages and tried to attain the 50-day EMA to hold the gains.
At the time of writing, the EOS price was $0.5553 with an intraday gain of 1.53%, showing a bounce from the lower trendline near the support mark of $0.5230. Moreover, the intraday trading volume is $47.493 Million and the market cap is $614.265 Million.
Crypto has had a poor performance over the years. Year-to-date, it gave negative returns of 35.60%; and 47.45% in the span of 6 months. In the last 1 month, it gave a negative return of 4.07%; and a 2.09% positive return in the last seven days highlighting the bearishness.
Technical Analysis of EOS Crypto Price in 1-D Time Frame
At the time of publishing, EOS crypto (USD: EOS) is trading above the 50 and 200-day simple moving averages), which do not support the price trend.
The current value of RSI is 48.70 points. The 14 SMA is above the median line at 39.84 points which indicates that the EOS crypto is bearish.
The MACD line at -0.0083 and the signal line at -0.0092 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the EOS crypto price.
On the 4-hour charts, the EOS price is above the 50 and 100 EMA levels. Moreover, a key indicator is still in the bullish range and signals bullishness. The RSI curve is near, in the overbought range, and highlighting a narrow consolidation move on the short-term charts.
The MACD indicator still showed green bars on the histogram with a bullish crossover but signaled a substantial upswing.
Summary
EOS crypto technical oscillators support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the EOS crypto price. EOS price action suggests that the investors and traders are bearish on the 1-day time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $0.5230 and $0.5000.
Resistance Levels: $0.5750 and $0.6280.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
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.
