EOS Price Drops 3% Below Crucial Levels

EOS is currently trading at $2.53 after a significant slip today from a high of $2.61 to $2.49. Trading volume is increasing in the past 24 hours, indicating the bearish move is strong. Year-to-date, the digital asset is down around 47%.

EOS has been underperforming for the past year, losing $2.6 billion in market capitalization. In comparison to major coins like BTC or ETH, which managed to recover greatly from the crash on March 12, EOS continues trading sideways showing no signs of a reversal.

EOS Price Analysis: Can Bulls Salvage EOS?

On the daily chart, the price of EOS is at risk of falling below a critical support level established at $2.43 and tested several times during October and September.

eos price

EOS/USDT Daily Chart – TradingView

Bulls have just lost the 12-EMA and 26-EMA turning both into potential resistance levels if we have a close below them at the end of the day. The MACD is on the verge of a bearish cross and there are very little signs of a reversal.

However, if the bulls can successfully defend $2.43 again, we could see a short-term bounce towards the EMAs.

Bulls Trying To Change The Hourly Trend

On the 1-hour chart, the price of EOS is attempting to climb above the 12-EMA, although unsuccessfully, it has managed to establish a few higher lows. The low of the pullback ended at $2.49, the next higher low is located at $2.506, and the most recent one at $2.52.

eos price

EOS/USDT 1 Hour Chart – TradingView

Bulls also set a high at $2.552. A breakout above this point will confirm an uptrend, however, before that, EOS needs to crack both EMAs and turn them into support levels.

The MACD is on the verge of a bull cross which could indicate that bulls are ready for a short-term bounce. Additionally, the RSI has been quite overextended, something that hasn’t happened since October 1. The last time the indicator touched similar levels, the price of EOS eventually spiked towards $3.

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EOS Price Analysis
EOS Price Analysis© Cryptoticker

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