Eos price analysis: EOS/USD finds support on upward trending line
- EOS/USD had a heavily bearish Monday, where it fell from $3.59 to $3.45.
- The Elliott Oscillator shows four straight red sessions.
EOS/USD had a strong start to the day as the price went up from $3.44 to $3.47. This follows a heavily bearish Monday, wherein EOS/USD dropped from $3.59 to $3.45, where it found support at the upward trending line. The hourly breakdown for Monday shows us that EOS/USD fell from $3.61 to $3.448, after which it trended horizontally to end the day.
EOS/USD daily chart
EOS/USD is floating above the 20-day Simple Moving Average (SMA 20) and SMA 50 curves. The 20-day Bollinger jaw is narrowing, indicating decreasing price volatility. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish market momentum, while the Elliott Oscillator shows four straight red sessions. The Relative Strength Index (RSI) indicator is trending around 58.33.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
