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The EOS price action showcases a bullish struggle to exceed the $1.40 resistance level. Will this struggle lead to a bullish failure? Key technical points:
- The EOS prices are down by 6.69% in the past 24 hours.
- The higher price rejection candles at $1.40 warn of a retracement to the $1.20 mark.
- The 24-hour trading volume of EOS is $391 Million, indicating a hike of 4.22%.
Past Performance of EOS
As predicted in our last analysis, the EOS prices break above the 100-day SMA to reach the horizontal level of $1.40. However, the daily candles showcase a higher price rejection for the past few days teasing a potential retracement to the support trendline at $1.20. The retracement may come as the bullish breakout of the horizontal level with increased chances of a bearish fallout. 
Source- Tradingview
EOS Technical Analysis
Today, the EOS prices are down by 6.12% leading to a long-wick formation in the daily candle, teasing a downtrend continuation if the selling pressure increases. Hence, traders looking for a buying spot should wait until the prices return to the $1.20 mark. As the market price sustains above the 100-day SMA despite the rejection from $1.40, the bullish influence over the 50-day SMA grows. Hence, the SMAs reflect a bullish turnaround in the underlying sentiments. The MACD indicator shows the fast and slow lines maintaining an uptrend with a constant bullish spread. However, the daily-RSI slope shows a lateral shift in trend near the overbought boundary teasing a bearish reversal. In a nutshell, the EOS Technical Analysis displays a high possibility of a bearish retracement to the support trendline.
Upcoming Trend
The anticipation of the upcoming trend in the EOS price is highly bearish due to the long-wick daily candles. Hence, a downtrend to the $1.20 mark is highly likely. Conversely, a bullish reversal breaking above the $1.40 resistance will result in a bull run to the $1.60 mark. Resistance Levels: $1.40 and $1.60 Support Levels: $1.20 and $1