EOS technical analysis: Bears aim for $2.50-level
- The four-hour EOS/USD chart has dropped below the 20-day Bollinger Band.
- The hourly EOS/USD chart has found resistance at the red Ichimoku cloud.
EOS/USD daily chart
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EOS/USD has dropped from $2.71 to $2.62 in the early hours of Wednesday and is floating below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The Moving Average Convergence/Divergence (MACD) indicates sustained, albeit decreasing, bearish momentum.
EOS/USD four-hour chart
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The four-hour EOS/USD chart has dropped below the 20-day Bollinger band, indicating that the price is undervalued. In the process, EOS/USD broke below the support provided by the SMA 50 curve. The Relative Strength Index (RSI) indicator is trending around 37.50.
EOS/USD hourly chart
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The hourly EOS/USD is trending in a downward channel formation and has found intraday support at the $2.61 line. The hourly chart had earlier attempted to break past resistance at the red Ichimoku cloud before dropping from $2.71 to $2.64 in just one hour.
Key Levels
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.
