EOS Price Update: EOS/USD intense pressure on vital support could refresh $2.4
|- EOS is groped in acute selling pressure after breaking the trendline support.
- The technical picture deteriorates as bears eye the return to $2.4.
EOS is has broken below the shallow but steadily upward sloping trendline on Wednesday. The Asia session is characterized by a growing selling influence. EOS is among the extremely battered cryptos, posting losses of more than 3.5% on the day.
The 4-hour chart for EOS/USD shows the price doddering at $2.62 following a retreat from $2.87 (December high). The 50 SMA did little to stop the declines but stands in the way of upward movement. A further upward movement will encounter more resistance at the 100 SMA, holding ground at $2.8.
The RSI is correcting in the direction of the oversold region. It follows a consolidative period around 50. The same downward momentum is emphasized by the MACD. The indicator signal is gradually sloping downwards in the negative zone after jumping to highs around +0.0577.
EOS/USD 4-hour chart
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