- EOS slides below the support at $2.8 amid increasing selling activity.
- The rising wedge pattern hints further break down in the coming sessions, especially if the selling continues.
The crypto market is still bearish on Monday despite the weekend being lethargic. EOS, alongside other major cryptocurrencies, pressed down against key support levels all weekend-long. From trading highs above $2.8, EOS dived, smashing through the next support at $2.7.
The losses have crossed over to the new week, whereby the European session is characterized by increasing selling pressure. EOS is down 2% on the day after extending the lower leg from an opening value of $2.79 to the current market value of $2.74.
The 4-hour chart for EOS/USD shows the price trading between the moving average support and resistance. The 50 SMA is providing immediate support at $2.67 while the 100 SMA is standing in the way of upward movement a $2.86.
Meanwhile, if a reversal fails to occur in the near term and in lieu declines break the rising wedge pattern support, EOS could gravitate to the next support at $2.6. Glancing lower, more support expected at $2.4 and the recent low at $2.37. The various technical indicators, including the RSI and the MACD, suggests that EOS is prime for sideways trading.
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