- The waves of downtrend are getting high on the price of EOS over the daily chart. The bulls need to make a recovery
- The crypto asset is moving below the 20, 50, 100, and 200 daily moving average.
- The EOS/BTC pair is at 0.00004702 BTC with a gain of 0.66% in it.
The EOS price after a slight recovery is now surfing over the waves of downtrend over the daily chart. This signifies the bearish dominance over the market and another major reason for this downtrend movement is the leading cryptocurrency BTC is behaving bearish which is followed by the other altcoins, investors hope this time BTC should not touch the $17k mark if the same happened the other coins will also register a downtrend movement over the chart. The EOS bulls accumulated and broke the chain of the downtrend but this BTC supported the bears and now the whole market is bearing the pressure. The price is moving below the exponential moving average.
The price for one EOS coin is currently trading at $0.89 which is at a loss of 4.52% in its market capitalization in the last 24 hrs. The coin has a trading volume of 177 million which is currently at a loss of 3.14% in the 24 hrs trading session and a market cap of 888 million. The volume market cap ratio for EOS is at 0.1989.
What do Technical Indicator Suggest for EOS
The trading volume is moving considerably low below its average. The bulls need to pump the volume in order to support the price.
The MACD indicator indicates a bearish rally as the histograms are fading and now we are just about to witness a negative crossover which shows the sellers are dominating over the price and making it drop. The relative strength index is showing the continuous increase in selling pressure if the situation continues the price will soon hit the oversold region. The current value of RSI is below 35. Whereas the Bollinger band cloud is moving neutrally and may make a cross over the lower band. So the investors need to get ready for any change in direction in the market.
Conclusion
The EOS price after a slight recovery is now surfing over the waves of downtrend over the daily and hourly chart. One of the major reasons for this downtrend movement is the leading cryptocurrency BTC is behaving bearish which is followed by the other altcoins. The indicators suggest a bearish rally ahead so investors might take a step and make a count on that.
Technical levels
Resistance levels:$0.97 and 1.01
Support levels: $0.81 and $0.70
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.