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EOS price analysis: EOS falls below $4.2, fails to match heights set earlier in the month

Terra price analysis

TL;DR Breakdown

  • EOS price struggles to consolidate past $4.36 pivot
  • Price dropped another 3 percent on the day to go as low as $4.10
  • Trading volume up 15 percent, highlighting stagnancy for the token in the market

EOS price analysis records another day of decline for the token, as price fails to match up on the highs met earlier in the month. Price dipped another 3 percent and recorded as low as $4.10 over the last 24 hours. Trading volume upped more than 15 percent to compound the decline in EOS price, indicating stagnancy in the market for the token. Overall, the current period has proven to be of struggle for EOS, as highs met earlier in the month have failed to replicate. Price touched a 90-day high of $5.37 on November 10. Since then, price has fallen below the support floor of $4.20 and as low as $3.97.

The larger cryptocurrency market on the day exhibited bloodbaths, led by Bitcoin’s near 5 percent decline down into the $56,000s. Ethereum declined 5 percent as well, to sit just above $4,000. Litecoin dropped more than 6 percent to sit at $212, whereas Cardano and Polkadot slipped 4 percent each.

EOS price analysis: EOS falls below $4.2, fails to match heights set earlier in the month 1
EOS price analysis: Cryptocurrency heat map. Source: Coin360

EOS/USD 24-hour chart: RSI highlights undervalued status as price drops

On the 24-hour chart for EOS price analysis, price can be seen in free fall for EOS. The Relative Strength Index of 40.26 does not present a highly valued status for the token either. Price currently sits below the support floor of $4.20 at $4.19, dropping below the crucial Exponential Moving Averages at $4.365. On the Bollinger Bands’ curves, price currently sits in between the middle and bottom curves, suggesting that price will need significant momentum within the current trend to form a reversal.

EOS price analysis: EOS falls below $4.2, fails to match heights set earlier in the month 2
EOS price analysis: 24-hour chart. Source: Trading View

EOS/USD 4-hour chart: Price looking to push above support at $4.20

On the immediate, EOS price will be looking to push up above the support floor at $4.20. The RSI value of 43.60 looks to be gathering some momentum to form consolidation. The Moving Average Convergence Divergence (MACD) curve also shows some promise, sitting just above the neutral zone, near the 0.00 mark.

EOS price analysis: EOS falls below $4.2, fails to match heights set earlier in the month 3
EOS price analysis: 4-hour chart. Source: Trading View

EOS price analysis: Conclusion

EOS price continues to struggle in meeting heights set earlier in the month, as price declines below the support floor at $4.20. It may be taken as an ideal time to invest in the token for traders, but recent activity does not provide a pleasing reading in that regard. Price will look to form some consolidation in the immediate to reach the EMA at $4.37, before forming momentum for a push upwards. Any movement in the interim below $4.0 would present a highly bearish scenario for the token.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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