- EOS price analysis reveals that the bearish trend has engulfed the cryptocurrency.
- Current support is found at the $4.54 mark.
- Current resistance is found at the $4.61 mark.
EOS price analysis chart shows that the altcoin is engulfed in a bearish strike following the major pattern of the cryptocurrency market today. King Bitcoin went into a head and shoulder movement carrying the smaller altcoins with it. However, most of the altcoins are emerging with bearish drops in their price, including EOS. The price fell from $4.681 to the $4.543 mark. At the time of writing, the price has recovered slightly to the $4.582 mark.
EOS price analysis 1-day chart showing bearish trend
The one-day EOS price analysis chart shows that the bearish signs are controlling the current market after a head and shoulder movement that is keeping the whole market hostage at the time of writing. The chart shows increased volatility, with the upper Bollinger band present at the $6.09 mark. While the lower Bollinger band is found at the $4.15 mark.
The Bollinger bands’ average and the nine-day moving averages pose strong resistance to the altcoin. The Bollinger bands’ average is found at the $5.12 mark in the resistance section, while the nine-day MA is positioned at the $5.07 mark. The relative strength index is at a neutral score of 43.29 providing ample opportunity for the bullish side to take shape.
EOS/USD 4-hours price chart confirming the red trend
On the four-hour EOS price analysis chart, the volatility has decreased instead of increasing. The upper Bollinger band (BB) is found at the $4.93 mark posing the strongest resistance point much lower than the daily chart. The lower Bollinger band is also found at the $4.50 mark.
The nine-day moving average poses the first resistance after the BB upper band. The nine-day MA is found at the $4.74 mark, whereas the Bollinger bands’ average serving as the third resistance point is found at the $4.71 mark. The relative strength index was also found at a leaning towards a bearish score of 38.47. The score provides ample opportunity for the bulls to gain control on the four-hour chart.
EOS price analysis conclusion
The altcoin EOS is currently engulfed in the bearish tide that is happening after a head and shoulder market trend. The bearish strike is likely to stay put until the end of the day, and the current support levels would persist in assisting the cryptocurrency. With the current support likely to hold, the cryptocurrency is likely to take another bullish shot in the days to come otherwise if the current support levels falter. The altcoin can fall further down to the $4.4 or $4.3 level as well.
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