- EOS price trades near $4 support floor after massive decline yesterday
- Trading volume also dropped over 24 percent to suggest of market stagnancy
- Consolidation may be on the cards next as volume to market cap ratio hints towards bullish momentum
EOS price analysis for the day shows further decrements faced by the token after a hefty 10 percent decline just yesterday. The downward momentum continued in the day’s trade with a 2 percent decline, taking price as low as $4.24. Trading volume also shipped more than 24 percent, suggesting there is significant stagnancy created in the market after yesterday’s dip. However, the token may be in for consolidation at the current price, before initiating a new push upwards. Price is up above $4.3 at the time of writing, and looks to present an ideal investment opportunity at current trend.
The larger cryptocurrency market showed mixed trends over the past 24 hours, with major Altcoins continuing to decline. Bitcoin consolidated above $60,000, while Ethereum dropped a minor 1.5 percent to sit above $4,200. Dogecoin, Ripple and Litecoin all dropped slightly, whereas AVAX jumped over 13 percent to record the only positive movement in the day’s trade.
EOS/USD 24-hour chart: Bullish Hammer pattern gives positive signs amid price decline
On the 24-hour chart for EOS price analysis, emergence of a Bullish Hammer pattern suggests that buyers came in late into the market to rescue the token from free fall. Since then, price has jumped as high as $4.403, indicating that a comeback may be on the cards. The Relative Strength Index for the token presents a meagre value of 42.13, hinting that there is adequate room for consolidation in price. Price currently sits well below the crucial Exponential Moving Averages (EMAs) at $4.670 and the next immediate target for EOS price will be to move past this point.
EOS/USD 4-hour chart: Crucial trading sessions ahead as price nears 4-hour EMAs
On the 4-hour chart, EOS price can be seen attempting to catch the 4-hour EMAs at $4.391. However, the RSI value of 35 paints a weak picture for the token, suggesting there is ample room to catch up in terms of price. Price currently sits well above the support floor at $3.5, sitting in between the middle and bottom Bollinger Bands’ curves. The coming short-term trading sessions hold crucial significance in the current trend for EOS, as price is expected to face hostility near the $4.59 at the 100-day MA line. If price can cross this point, it can potentially jump as high as $5.5 in the current trend, before facing retracement.
EOS price analysis: Conclusion
EOS price is currently facing a distinct downtrend, however, price is attempting to rise back above the crucial EMAs. Currently trading above $4.33, buyers are expected to come into the market for EOS and push price up to $4.59 over the coming trading sessions. From here, a new trend is expected to rise, subject to movements in the larger cryptocurrency market.
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