EOS price trades lower as sharp drop in volume points to traders shifting focus to other altcoins

EOS (EOS) price is stuck in a symmetrical triangle for the most part of March with a few sidesteps when it broke below support in the second week of March. Although one big event was supposed to bring a massive bullish explosion, the Game Developers Conference (GDC) did not deliver on its promises and now sees investors and traders chucking the altcoin away. As a result, the trade volumes have declined substantially and will trigger another leg lower in EOS anytime now.

EOS price needs to reach deep into its pockets to reignite investor attraction

EOS price has had a difficult time as its trading volume has been losing track since the end of last week. Although all eyes were on the GDC last week, no real pickup in volume was detected as the GDC did not bear any solid deals or additional publicity for EOS. With traders pulling away that have pre-positioned for the GDC, more pain is set to kick in for EOS.

Expect EOS to tank further and search for support near the green ascending trendline. In the best scenario, losses stay contained at that level with the 200-day Simple Moving Average as a safety guard for additional support. Should that give way as well, a full drop toward $1 will be at hand with the monthly S1 halting losses at 10%. 

EOS/USD  4H-chart    

With some mild gains in the European trading session on Monday, EOS will advance higher once the US session kicks in. That would mean that the topside of the symmetrical triangle will be tested near $1.18. A breakout would be very good news and see EOS price spike toward $1.30 for a 12% gain.