EOS Undergoes Profit Booking Haulting Its Upside Movement!

EOS, just like major cryptocurrencies, has undergone a drastic profit booking on September 07 in a matter of few hours. The humongous 25% intraday fall created a panic situation amongst the investors. While a small amount of loss was recuperated, EOS closed the day with a little more than 21% of the loss. Typically such a loss is carried forward by creating an even bigger negative sentiment igniting a fresh round of sell-off.

EOS investors, however, have held their ground around the value of $4.65. While there has been no sign of recovery, It is currently consolidating, signifying a small trading range. On the upper side, EOS is facing resistance at a $5.00 value and has strong support from the $4.65 range. Currently ranking at 35th position with a market capitalization of 4.56 billion.

EOS Price Analysis

EOS Price Analysis

EOS has strong support, but the price action concerning volumes highlights the weaker aspects of this cryptocurrency. There is a very high selling volume with limited price action meaning the holdings are just changing hands. Most of the price action is following a negative outlook and a very small trading range. 

EOS has strong support at $4.5 and resistance at $5. Our EOS coin price prediction shows a higher probability of EOS retesting its 100-day moving average. While this level has been supportive so far, if it fails, we will be witnessing EOS collapse towards $3, indicating higher selling pressure. RSI on daily charts is trading at a neutral level of 45. Investors should keep track of the moving averages of 50 and 100 days to assess the investor’s bias.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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