- EOS consolidates around $2.60 after having maintained an almost stable movement since the past four days now
- The coin lacks support from the major moving averages viz., 50-day and 200-day
- EOS price trades with immense selling pressure as it lacks the momentum to rise and face resistance around the 23.60% Fib Retracement area
EOS price forms a triangle in the ongoing trading year as it falls from the height of $8.5 to currently trading at $2.60—the price mark from where it started growing initially.
The daily movement of EOS on Bitfinex maintained an uptrend while it was growing in the first half of the year. However, while taking a reverse, the price of EOS coin plunged and had a breakout hitting the price levels that it should have maintained, making it a concern for the investors to stay put or exit the trade.
EOS Price Analysis:
As observed, the current EOS price is running bearishly below the 50-day and 200-day moving average, holding a dense selling pressure. A persistent move above $3.0 will help the coin to gain a stable support around the 50-day MA rightly.
Analyzing a closer view of EOS against US Dollar over the past six months, we see that the descending channel is quite notable. The first lower high was around 78.60% Fib Retracement area followed by the next around 50% Fib Retracement area and the latest is lower than 23.60% Fib.
A further fall can lead to a fresh low formed by the EOS trading price. Also, as per the current movement and trend, we believe that further bearish consolidation in the upcoming days is quite a conformity as the coin lacks momentum.