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- 1 The EOS price continued to face rejection from the 200-day EMA mark.
- 2 The buyers have failed to escape the prompt hurdle of $0.800.
The EOS price reveals selling pressure and has dragged below its key moving averages, delivering a selloff in the last sessions. The crypto price has slipped from the high of $0.900 and dragged over 22% last month. The price action signifies consolidation near the neutral trajectory swing of $0.700, where bulls and bears are trying to stretch, but range-bound movements were witnessed.
The EOS crypto price replicates a downtrend, glimpsing bearishness for past sessions. Furthermore, the price may extend the down move toward the demand zone of $0.500 in the upcoming sessions. It shows a trend reversal and is hovering below its 200-day EMA region. Additionally, the cryptocurrency persisted in forming the lower low swings, and a bearish crossover was noted.
The cryptocurrency price was $0.7156 at press time, with an intraday gain of 1.33%, showing consolidation on the charts. Moreover, the trading volume increased by 10.25% to $85.80 Million, highlighting selling pressure. The pair of EOS/BTC was noted at 0.0000167 BTC, and the market cap is $707.85 Million. Analysts are bearish and suggest that the EOS crypto will continue to drain gains and may retest $0.500 soon.
EOS On Daily Charts Displays Bearishness
On the daily charts, the EOS crypto price showcased a trend reversal from the top of $0.900 and has persisted in eroding the gains for the past sessions. The price action signifies the follow-on selling momentum. Besides, bears have succeeded in pushing the crypto below its 200-day EMA mark, which is a sign of bearishness.
The RSI curve stayed below the midline and showed a negative divergence, indicating underperformance on the charts. The MACD indicator shows a bearish crossover and suggests a down move in the upcoming sessions.
The EOS Crypto on Weekly Charts Reveals Rejection from 50-Day EMA
A falling channel pattern was witnessed on the weekly charts, and the EOS crypto price faced rejection from the 50-day EMA mark near $0.900. Afterward, the crypto price dragged the gains amidst the market correction. Moreover, the price may retest the lower neckline of the channel below $0.600 in the following sessions. Per the Fib levels, EOS crypto is sustaining gains at the 2.36% zone below the mid-bollinger band.
Summary
The EOS price is showcasing range-bound moves and is hovering below the 200-day EMA mark, indicating low investor interest. Moreover, the EOS crypto price may continue to decline gains and bears have persisted in putting pressure on the bulls. The trend is weak and further downside risk is possible to $0.500.
Technical Levels
Support Levels: $0.7000 and $0.6600
Resistance Levels: $0.7300 and $0.7500
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.