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

  • 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

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