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EOS/USD Price Analysis: Market falls by 8.75% as bears takeover

  • EOS/USD went down from $5.83 to $5.31 this Thursday as the entire crypto market takes a plunge.
  • Bulls need to defend support level at $5.12 to prevent any further downward movement.
EOS/USD Price Analysis: Market falls by 8.75% as bears takeover
Rajarshi MitraRajarshi MitraIndependent Analyst

EOS/USD went down from $5.83 to $5.31, charting an 8.75% drop in value. Bulls need to rally together to protect support level at $5.12. If they can’t do so, then EOS/USD may fall below $5 for the first time since April 2nd. 

EOS/USD Daily Chart

  • The EOS/USD daily chart has been trending inside a channel before having a bearish breakout.
  • The support level at $5.45 broke and the price is currently trending at $5.31.
  • The market is trending above the 20-day simple moving average (SMA 20), SMA 50, and SMA 200 curves. 
  • The price is still trending inside the upper half of the Bollinger band which means that despite the sharp bearish movement, its overall sentiment isn’t strongly bearish, for now.
  • The relative strength index (RSI) indicator has taken a turn below and is looking to move out of the overbought zone.
  • The latest session of the Elliot wave is bearish after nine consecutive bullish sessions. This gives us an indicator as to how exceedingly sharp the most recent bearish movement was.
  • The signal line has taken a turn and is looking to converge with the moving average convergence divergence (MACD) line in the MACD indicator. This shows that bullish momentum is decreasing.
     

Author

Rajarshi Mitra

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.

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