EOS price ‌analysis:‌ EOS signals fresh declines near key support levels

The technical picture suggests bulls will struggle if the price breaks below the 20 EMA and 50 EMA

EOS price is up 0.3% in the past 24 hours and the coin presently trades around $3.98, down 0.5% in the past hour.

EOS reached its all-time high of $22.71 on 29 April 2018, and despite a recent surge to above $14, the cryptocurrency has largely underperformed since its market debut. According to data from CoinGecko, today’s price is roughly 82.5% lower than its ATH.

With the broader market also in a slowdown, the cryptocurrency is facing a potential retracement that could take it further away from the peak.

EOS price outlook

The daily chart shows prices have turned lower after indecision crept into the market following a rejection around $4.30 earlier in the week.

The recovery from $3.79 also faded at $4.22, making the region around $4.10 to $4.56 a critical supply zone. There was a Doji candlestick on 3 August and the price has traded lower, with intraday moves oscillating in the region below the round figure of $4.00 and the 50-day exponential moving average at $3.90. 

EOS/USD daily chart. Source: TradingView

Looking at the technical indicators, we see the daily RSI beginning to dip, though it remains above the equilibrium point. The MACD is also providing a bullish view, but it is decreasing in strength as shown by the histogram.

If bulls manage to keep bears off and achieve a daily close above the 50 EMA, the EOS/USD pair could continue along the ascending trendline formed with the recovery from lows of $3.10. The uptrend could see bulls break the key supply zone marked on the chart and target the 200 EMA at $5.

On the downside, the price could find vital support at the aforementioned 50 EMA and then the 20 EMA at $3.75. Support beneath these levels lies at $3.70, which is at the 50% Fibonacci retracement level of the move from $3.10 to $4.30. 

A breakdown from here would take prices towards $3. 

The post EOS price ‌analysis:‌ EOS signals fresh declines near key support levels appeared first on Coin Journal.

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