Price Analysis

EOS Appears Bearish; Retests 5-day Support at $2.1

  • EOS/USD, at the time of writing this article, was seen trading at $2.179 and had also drawn a strong bearish crossover below 50.0% Fib level
  • Over the bygone week, EOS had been a prey of price accumulation and choppy market within a price range of $2.1 and $2.4
  • A gradual fall of EOS coin below $2.3 in yesterday’s trading session led the coin to lose support from 50-day and 200-day moving average

EOS price retests support around $2.1 for the second time in the same week but lack steady support this time. The crypto market lost its steady momentum after an accumulating week, and the king of crypto–Bitcoin also slid around $6.1k after 5 days of flat yet bullish move above $6.5k.

EOS Price Analysis

EOS News Price
EOS/USD Chart By TradingView

Analyzing the hourly movement of EOS/USD over the last week, we see that the coin has extended its dip as it fell steeply from $2.3 trading price to currently holding around $2.179. This steep fall also led the coin to consolidate below 50.0% Fib from being above 61.80% Fib level. Moreover, the current market situation is quite unprecedented as the global crisis has to dig deeper due to wide spreading Coronavirus.

A blatant prediction above the further movement of the coin cannot be predicted as the volatility remains inherited. For now, $2 and $1.9 are the major support levels to watch out for. Alongside, $2.3 and $2.5 are acting as the major resistance for EOS coin to regain the lost traction and support.

Technical Indicators:

The technical indicators laid are withholding a bearish outlook as the Signal line of EOS is crossing above the MACD line due to the steep fall.

The RSI of the coin is lying at 33.94 and has rose from the utter bottom below 30 to mitigate the selling pressure as the coin made a slight recovery from the 5-day support.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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