EOS Price Analysis: EOS price in a downtrend as losing spree continues 

•EOS/USD is currently priced at $0.92 and has decreased by 3.29% over the past day

•The trading volumes have increased by 18.61% over the past day

•The technical indicator suggest a continuation of the bearish trend 

Short Term View: EOS Coin prone to losses in the near term 

Source: EOS/USD by TradingView

The EOS price today is $0.923980 USD with a 24-hour trading volume of $502,253,988 USD. EOS Coin is down by 3.29% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.5479 for the altcoin.

Today’s price action sees EOS price hit its long-term support point at $0.93, after trading near its crucial psychological resistance of $1 a few days ago. Looking at the chart, today’s move comes as price strength failed to move the prices upwards, which then prompted bears to send prices lower. Should the bears keep up the selling pressure, the asset could see even more upcoming lows, with bears likely to target the $0.86 level as the next floor. The weak sentiment is depicted by EOS Price trading below the 20,50 SMA on the four hour chart. 

Long Term View for EOS

Source: EOS/USD by TradingView 

The price action and technical indicators for EOS Coin both support the continuation of the downward movement. Apart from the bearish technical pattern, the position of the Relative Strength Index (RSI) at 25.65 in the negative region 

lends credence to the bearish outlook. The MACD indicator supports the bearish argument as well, with the MACD and signal line transacting in the negative territory on the daily chart. The red histograms are increasing in size as well, which has resulted from a bearish crossover occuring on the daily chart. This demonstrates the mounting selling pressure observed in the altcoin. 

Conclusion 

The EOS price is in a downtrend and seems highly unlikely for bulls to take control of the movement in the short term. The buying pressure is lesser than the selling pressure, and the market will remain bearish for the near term.

Support: $0.86-$0.80

Resistance: $1-$1.20

Disclaimer

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.

   
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