EOS Price Analysis: EOS/USD quickly gravitates towards $2.6


  • 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.

EOS/USD 4-hour

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD is on the verge of a massive rally, on-chain data implies

Bitcoin's address activity has reached 1.07 million, which is the highest level since January 2018, according to the cryptocurrency data provider Santimnet.

More Bitcoin News

EOS /USD enters bullish phase, gains 2% in a matter of minutes

EOS/USD catapulted to $2.44 having gained over 2% of its value in a matter of minutes. By the time of writing, the coin retreated to $2.40; however, it is still nearly 2% since the start of the day and 1.45% higher on a day-to-day basis.

More EOS News

XRP/USD attempts a recovery, still within the range

Ripple (XRP) has been trading in a tight range since the end of June. At the time of writing, the coin is changing hands at $0.1770, having gained over 1% since the beginning of the day. 

More Ripple News

ADA/USD drops down following a heavily bullish Wednesday

ADA/USD bears dropped the price down from $0.0976 to $0.0945 this Thursday. This followed a heavily bullish Wednesday, wherein the price flew up from $0.0833, climbing above the 20D Bollinger Band.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP