EOS/USD sentiment analysis: Bears close out market with a 2.7% loss

  • EOS/USD was one of the biggest losers among the top coins as the market came to a close this Wednesday.
  • Price went down from $3.72 to $3.62.

EOS/USD bears ended up on top this Wednesday as they took down the price by 2.7% from $3.72 to $3.62. This made EOS/USD one of the biggest losers on, what has been, an extremely slow day for the crypto market. The bulls need to defend the critical $3.50 support line even though it doesn’t look like the bears have the momentum necessary to break through.

EOS/USD daily chart

The EOS/USD daily chart forms a triangle which is prime for a breakout. Critical supports lie at both $3.50, as already mentioned, and the downward trending. While the market is trending below the 20-day simple moving average (SMA 20) curve, it is trending above both the SMA 50 and SMA 100 curve. The market is also in the middle of the 20-day Bollinger band which suggests that the market isn’t as bearish as it can be. The moving average convergence/divergence shows a slight increase in the bearish momentum towards the end.
 

BEST BROKERS TO TRADE CRYPTO

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.