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EOS/USD sentiment analysis: Bears close out market with a 2.7% loss

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  • EOS/USD was one of the biggest losers among the top coins as the market came to a close this Wednesday.
  • Price went down from $3.72 to $3.62.

EOS/USD bears ended up on top this Wednesday as they took down the price by 2.7% from $3.72 to $3.62. This made EOS/USD one of the biggest losers on, what has been, an extremely slow day for the crypto market. The bulls need to defend the critical $3.50 support line even though it doesn’t look like the bears have the momentum necessary to break through.

EOS/USD daily chart

The EOS/USD daily chart forms a triangle which is prime for a breakout. Critical supports lie at both $3.50, as already mentioned, and the downward trending. While the market is trending below the 20-day simple moving average (SMA 20) curve, it is trending above both the SMA 50 and SMA 100 curve. The market is also in the middle of the 20-day Bollinger band which suggests that the market isn’t as bearish as it can be. The moving average convergence/divergence shows a slight increase in the bearish momentum towards the end.
News Source: fxstreet

EOS

EOS Price Prediction: Down 40% In 7 Days, Upsides Remain Capped

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EOS price declined significantly after it failed to break the $6.200 resistance area. It traded as low as $3.302 and it is currently correcting higher towards the $3.850 and $4.000 resistance levels.

  • EOS price declined heavily below the $5.560 and $5.200 support levels.
  • A major bearish trend line is forming with resistance near $4.000 on the 2-hours chart.
  • The price is likely to struggle near the $4.000 and $4.100 resistance levels in the near term.

EOS Price Analysis and Prediction

In the past few days, there were heavy losses in bitcoin, Ethereum, ripple and EOS against the US Dollar. EOS price started a significant decline after it broke the $5.800 and $5.560 support levels and is down more than 40% in the past seven days.

EOS Price Analysis and Prediction

Click to Enlarge Chart

Looking at the 2-hours chart of EOS/USD, the pair even broke the $5.000 support level and settled below the 25 simple moving average (2-hours). The decline was such that the price even spiked below the $4.000 support level.

A new multi-month low was formed near $3.302 and the price recently started an upside correction. It broke the $3.500 level plus the 23.6% Fib retracement level of the last drop from the $4.413 high to $3.302 low.

However, there are many hurdles on the upside near the $3.850 and $3.900 levels. Moreover, there is a major bearish trend line is forming with resistance near $4.000 on the same chart.

Additionally, the 50% Fib retracement level of the last drop from the $4.413 high to $3.302 low is also near the $3.850 level to act as a resistance. The main resistance is near the $4.000 handle and the 25 simple moving average (2-hours).

Therefore, if there is an upside break above the $3.850 and $4.000 levels, there could be a decent rise in the coming sessions. The next key resistance could be near the $4.675 and the $4.800 levels.

On the other hand, if EOS price fails to surpass the $3.850 and $3.900 resistance levels, there could be another drop towards the $3.300 level. The price may even break the $3.300 low and test $3.000.

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Binance Coin Flips EOS After Coin Burn as Bitcoin Continues to Consolidate

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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.

bitcoin

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.

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EOS price analysis: EOS drops under $5.0, loses 20% in recent 24 hours

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  • 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

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