EOS Price Tumbles 16% and Reverses Down from $0.900; What’s Next?

• 1 EOS price fell 16% in the last week and reversed down after facing resistance at the $0.9000 level.
• 2 It slipped below the 200-day EMA, denoting the trend has reversed down again.
• 3 EOS crypto eroded the gains of December 2023 and returned to the demand zone.

EOS price prediction has turned bearish for the short term and suggests more decline is possible. It faced sharp rejection from the $0.900 level and the price collapsed with high momentum.

EOS crypto formed a bearish pattern and dropped below the 50-day and 200-day EMAs. It indicates that the trend is in the downward direction. So, investors and traders need to be careful before creating positions in any direction.

EOS coin price tumbled by 16% in the last week and eroded the complete gains generated in December 2023. At present, the coin is sliding down to the $0.631 level, which is immediate support visible in the chart.

If buyers were present near to support, a temporary bounce may come. The sudden fall in EOS had shaken the confidence of the long-term investors. If the price declines further, it might trigger panic and existing investors may get forced to offload their holdings.

However, if buyers succeed in halting the downfall near to support, we may see a narrow-range consolidation. Currently, the pair of EOS/USDT coins is trading at $0.714 with an intraday decline of – 3.38%.

Will EOS Price Show a Recovery by Month End?

Source: EOS/USDT daily chart by Tradingview

EOS price struggles near to December 2023 low placed at $0.673. Buyers are trying their best to absorb the sell off, which will help to halt the downfall. However, the sellers are very aggressive and they may not easily step back from their mission of eroding the gains.

The chart pattern of EOS crypto shows the dominance of bears. So, any short-term pullback may face difficulty in holding the higher levels.

The technical analysis suggests that this downfall has hurt the investors’ sentiment and EOS turned out as an underperformer. So, it’s better to avoid building any long positions.

When Will EOS Crypto Turn Bullish?

EOS crypto price also looks bearish on a weekly time frame chart. The presence of sellers is visible on higher levels.

So, to regain the investors’ confidence buyers have to take control of the supply zone at $0.916. Until this barrier gets taken out the bears will dominate and restrict the upside.

Conclusion

EOS price prediction suggests that this downfall has damaged the chart structure. So, the price may trade with a bearish bias for the coming few weeks. The analysis says, this coin may decline further, so it is better to avoid building longs.

Technical levels

• Resistance levels: $0.916 and $1.040
• Support levels: $0.631 and $0.520

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.