EOS price analysis: EOS/USD mired in a bearish trend

EOS lost over 2% of its value in recent 24 hours. Despite rather a slow movement during early Asian hours, the coin remains one of the worst-performing altcoins out of top-20. At the time of writing, EOS/USD is changing hands at $3.78, off the recent low $3.74 reached on Sunday.

EOS/USD, the technical picture

EOS/USD recovery is capped by SMA100 (Simple Moving Average) on the four-hour chart at $3.85. Once it is out of the way, the bullish momentum may gain traction with the next focus on psychological $4.00 strengthened by SMA50 and the upper line of Bollinger Band on the four-hour chart. The next resistance is created by $4.34 (the upper line of a daily Bollinger Band) and $4.54 (SMA100 SMA200 daily). 

On the downside, the initial support comes on approach to $3.74. This is Sunday’s low and SMA50 daily. This area may slow down the sell-off and trigger the recovery within the current range. However, if it is broken, the downside may be extended towards $3.60 strengthened by SMA200 four-hour and followed by $3.26 (the lower line of daily Bollinger Band).

EOS/USD, the four-hour chart