EOS is currently trading at $2.53 after a significant slip today from a high of $2.61 to $2.49. Trading volume is increasing in the past 24 hours, indicating the bearish move is strong. Year-to-date, the digital asset is down around 47%.
EOS has been underperforming for the past year, losing $2.6 billion in market capitalization. In comparison to major coins like BTC or ETH, which managed to recover greatly from the crash on March 12, EOS continues trading sideways showing no signs of a reversal.
EOS Price Analysis: Can Bulls Salvage EOS?
On the daily chart, the price of EOS is at risk of falling below a critical support level established at $2.43 and tested several times during October and September.
EOS/USDT Daily Chart – TradingView
Bulls have just lost the 12-EMA and 26-EMA turning both into potential resistance levels if we have a close below them at the end of the day. The MACD is on the verge of a bearish cross and there are very little signs of a reversal.
However, if the bulls can successfully defend $2.43 again, we could see a short-term bounce towards the EMAs.
Bulls Trying To Change The Hourly Trend
On the 1-hour chart, the price of EOS is attempting to climb above the 12-EMA, although unsuccessfully, it has managed to establish a few higher lows. The low of the pullback ended at $2.49, the next higher low is located at $2.506, and the most recent one at $2.52.
EOS/USDT 1 Hour Chart – TradingView
Bulls also set a high at $2.552. A breakout above this point will confirm an uptrend, however, before that, EOS needs to crack both EMAs and turn them into support levels.
The MACD is on the verge of a bull cross which could indicate that bulls are ready for a short-term bounce. Additionally, the RSI has been quite overextended, something that hasn’t happened since October 1. The last time the indicator touched similar levels, the price of EOS eventually spiked towards $3.
Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analyses!
It is super easy to buy Bitcoin. Just take a look at our exchange comparison!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from EOS
EOS Price Analysis: What’s Next For EOS Price?
The fluctuation in EOS price continues. Despite the big news of a partnership with Google, the EOS/USD price has gained only 8.85% …
EOS Price Explodes After Announcement of Google Partnership
Yesterday, Block.one, the creator of the EOS blockchain announced a huge collaboration with Google Cloud which will help developers to …
EOS Price Forecast – Is A Bull Run Imminent?
We recently talked about an upcoming increase in the EOS price. After today's +15% move, we have to ask ourselves …
