EOS Price Analysis: EOS price falls in the wake of intense selling off
•EOS/USD is currently priced at $0.87 and has decreased by 3.33% over the past day
•The trading volumes have decreased by 25.72% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Will the EOS bulls be able to withstand the barrage?
The EOS price today is $0.873296 USD with a 24-hour trading volume of $142,766,681 USD. EOS is down 3.33% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.1522 for the altcoin.
The outlook regarding EOS price has only worsened over the past couple of weeks, thanks to the growing influence of the bears in the market. They have successfully overpowered the bulls in the market and as a result, the EOS price is currently transacting below the 20,50 SMA on the four hour chart. The bulls have been found wanting at critical junctures during this downward rally, and will be looking to defend the $0.80 support level in order to prevent further damage. On the other hand, a move past the key $1 resistance level would completely flip the sentiment regarding the altcoin.
Long Term View for EOS Price
The RSI for EOS has slipped below the 14-day average line and is currently transacting at 35.05. The red histograms, on the other hand, have stayed true to their course, keeping in line with the bearish sentiment prevailing in the market. The MACD and signal lines are also transacting in the negative zone which depicts the underlying bearishness prevailing in the market aptly.
The technical indicators for EOS suggest that the asset is on a downward trajectory and the bulls have exited their positions in the market. Hence, one can expect the EOS price to continue falling in the days ahead.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.