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 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.