EOS/USD Medium-term Trend: Bearish
- Resistance levels: $ 6, $7, $8.
- Support levels: $3, $2, $1.
Yesterday, January 10, the price of EOS was in the bearish trend zone. The crypto had broken below the 12-day EMA and the 26-day EMA to the low of $2.46 price level. The price of EOS is now ranging above the $2.46 price level. The crypto is likely to fall because the price is below the 12-day EMA and the 26-day EMA.
Also, the MACD line and the signal line are below the zero line which indicates a sell signal. Meanwhile, the stochastic is in the oversold region but above the 20% range. This indicates that the price of EOS is in a bullish momentum and a buy signal.
EOS/USD Short-term Trend: Bearish
On the 1-hour chart, the price of EOS is in a bearish trend. Yesterday, the bears broke below the 12-day EMA and the 26-day EMA to the low of $2.43 price level. The crypto is now in a range bound movement above the $2.43 price level.
Meanwhile, the stochastic is out of the overbought region but above the 40% range indicating that the crypto is in a bullish momentum and a buy signal. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Binance Coin Flips EOS After Coin Burn as Bitcoin Continues to Consolidate
Altcoins are still getting beat up as we enter the weekend. Bitcoin has remained range bound with little movement over the past 24 hours but there has been some position jockeying in the market capitalization charts this morning.
Bitcoin Consolidating Following Trump Tweet
BTC has spent most of the past day or so trading sideways. An intraday high of $11,900 was touched last night but there was no break above $12k and Bitcoin retreated again. Bitcoin is still falling and currently back at short term support just above $11,500. Daily volume is also tailing off and is now back to $20 billion.
BTC price 24 hours. Coinmarketcap.com
The crypto community is still twittering away about Trump’s Bitcoin comments a couple of days ago. Most are of the opinion that is was bullish for the scene as crypto has now become truly mainstream with even the POTUS taking a stance on it.
Naturally governments and banks are going to want to keep things the way they are and a new decentralized digital form of peer-to-peer finance totally undermines their tight grip of control over their populations.
CNBC even hosted a pro-crypto Squawk Box yesterday with achor ‘Joe Squawk’ stating that Trump’s comments were unsurprising since he also seeks to devalue the dollar.
Altcoins In Pain
Elsewhere in crypto land the tide of red is washing across the altcoin markets once again. Ethereum has retreated a couple of percent back to $270 and it remains bearish for the time being. XRP has been dumped and now has half the market capitalization of ETH which was once below it. The Ripple token has shed another 3 percent today falling to $0.335.
Litecoin halving fomo appears to have totally fizzled out as LTC falls back towards $100, dangerously close to double digits once again. There are now only 22 days to go and the likelihood of Litecoin returning to a new high for the year above $150 is looking slim.
Bitcoin Cash is also weak, falling another 4 percent back below $350. Today’s big move has been Binance Coin which is the only altcoin in the green in the top ten. BNB has only made 1.5 percent but it has been enough to flip EOS which has dumped 2 percent falling to $4.72. The difference in market cap is only $150k but Binance Coin is now the sixth largest crypto asset on the planet. The eighth quarterly coin burn dropping the supply has driven today’s momentum.
There are only a handful of altcoins in the green at the time of writing and they include Cardano and Monero adding a couple of percent. Chainlink, which has been this year’s fomo favorite, has pumped 11 percent today to reach $3.18. LINK is one of the day’s top performers along with Ravencoin which has made over 20 percent.
EOS price analysis: EOS drops under $5.0, loses 20% in recent 24 hours
- EOS is the worst-performing altcoin in top-20.
- A recovery above $5.0 is needed to mitigate the immediate pressure.
EOS is one of the worst-performing altcoins on Thursday. The sixth largest coin with the current market value of $4.2 billion has lost over 20% in recent 24 hours amid significant sell-off on the cryptocurrency market. At the time of writing, EOS/USD is changing hands at $4.6, having recovered from the intraday low of $4.31.
EOS’s technical picture
EOS market is dominated by bears that have been driving the coin lower recently. A sustainable move below $5.00 has worsened the short-term technical picture and increased the bearish pressure on EOS/USD. Currently, the local support is created by the recent low of $4.3, followed by $4.23 (61.8% Fibo retracement for the upside move from $1.56 low). Once it is cleared, the downside momentum is likely to gain traction with the next focus on $4.00.
On the upside, a sustainable recovery above $5.00 handle is needed to mitigate the bearish pressure and allow for an extended recovery towards $5.8 (SMA50 – Simple Moving Average – on 4-hour chart). This barrier is followed by psychological $6.00 coupled with SMA100 4-hour.
EOS/USD, 4-hour chart
EOS Price Analysis: Down 20%, Turns Sell On Rallies
- EOS price failed to hold the key $5.420 support area and declined heavily against the US Dollar.
- The price is down more than 20% and it even broke the $4.800 support area.
- There is a major bearish trend line forming with resistance near $5.620 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
- The pair could correct higher, but the $5.000 and $5.200 levels are likely to act as hurdles.
EOS price is currently under a lot of pressure against the US Dollar and bitcoin. The price may continue to decline and it could even test the $4.000 support in the near term.
EOS Price Analysis
This week, there a strong rise in bitcoin, but Ethereum, ripple, litecoin and EOS struggled against the US Dollar. EOS price mostly traded in a range below the $6.400 and $6.200 resistance levels. Recently, there was a sharp decline in BTC/USD below the $12,000 level, igniting sharp losses in altcoins. EOS declined more than 20% and broke many supports, including $5.800, $5.500 and $5.000.
Moreover, there was a break below a crucial contracting triangle with support near $5.700 on the 4-hours chart of the EOS/USD pair. The pair tumbled below the $5.000 support and the 55 simple moving average (4-hours). It even broke the $4.500 support and traded as low as $4.316 recently. At the outset, the price is retreating from the low and it could test the $4.700 resistance.
The 23.6% Fib retracement level of the downward move from the $6.193 high to $4.316 low is also near the $4.750 level to act as a resistance. On the upside, there are many hurdles for the bulls near the $5.000 and $5.200 levels. Moreover, there is a major bearish trend line forming with resistance near $5.620 on the same chart. The 50% Fib retracement level of the downward move from the $6.193 high to $4.316 low is also near the $5.254 to act as a strong barrier for the bulls.
On the downside, an initial support is near the $4.400 level, below which there is a risk of more losses below the $4.316 low. The next support is near the $4.200 level, followed by the key $4.000 support.
Looking at the chart, EOS price is clearly under a lot of pressure below the $5.000 pivot level. If it fails to stay above the $4.400 level, there could be heavy losses in the near term.
Hourly MACD – The MACD for EOS/USD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently well below the 25 level, with a bearish angle.
Major Support Levels – $4.400 and $4.200.
Major Resistance Levels – $5.000 and $5.200.