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 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.