EOS price ‌analysis:‌ EOS signals fresh declines near key support levels

2 months ago 16
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The method representation suggests bulls volition conflict if the terms breaks beneath the 20 EMA and 50 EMA

EOS terms is up 0.3% successful the past 24 hours and the coin presently trades astir $3.98, down 0.5% successful the past hour.

EOS reached its all-time precocious of $22.71 connected 29 April 2018, and contempt a caller surge to supra $14, the cryptocurrency has mostly underperformed since its marketplace debut. According to information from CoinGecko, today’s terms is astir 82.5% little than its ATH.

With the broader marketplace besides successful a slowdown, the cryptocurrency is facing a imaginable retracement that could instrumentality it further distant from the peak.

EOS terms outlook

The regular illustration shows prices person turned little aft indecision crept into the marketplace pursuing a rejection astir $4.30 earlier successful the week.

The betterment from $3.79 besides faded astatine $4.22, making the portion astir $4.10 to $4.56 a captious proviso zone. There was a Doji candlestick connected 3 August and the terms has traded lower, with intraday moves oscillating successful the portion beneath the circular fig of $4.00 and the 50-day exponential moving mean astatine $3.90. 

EOS/USD regular chart. Source: TradingView

Looking astatine the method indicators, we spot the regular RSI opening to dip, though it remains supra the equilibrium point. The MACD is besides providing a bullish view, but it is decreasing successful spot arsenic shown by the histogram.

If bulls negociate to support bears disconnected and execute a regular adjacent supra the 50 EMA, the EOS/USD brace could proceed on the ascending trendline formed with the betterment from lows of $3.10. The uptrend could spot bulls interruption the cardinal proviso portion marked connected the illustration and people the 200 EMA astatine $5.

On the downside, the terms could find captious enactment astatine the aforementioned 50 EMA and past the 20 EMA astatine $3.75. Support beneath these levels lies astatine $3.70, which is astatine the 50% Fibonacci retracement level of the determination from $3.10 to $4.30. 

A breakdown from present would instrumentality prices towards $3. 

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