- EOS records one of the biggest declines over the past 24 hours after losing 13 percent in price
- Trading volume fell 35 percent as price moved below the 50-day EMA
- Crypto market recedes into another mass-scale dip
EOS price analysis over the past 24 hours shows one of the biggest declines in the market for the token. Price fell more than 13 percent on the day, moving as low as $3.24. In doing so, EOS also fell below its crucial 50-day Exponential Moving Average (EMA), which suggests that a significant bearish outlook is on the cards. The extent of decline was also seen in the trading volume for EOS that fell more than 35 percent over the last 24 hours, indicating formation of a stagnant market.
The larger cryptocurrency market fell into yet another large-scale dip, the third already for this month. Bitcoin dropped more than 6 percent, sitting at $47,600, whereas Ethereum dropped 7 percent to find itself just above the $4,000 mark. Major Altcoins showed the biggest dips, led by LUNA (8 percent), and Cardano, Solana and Litecoin receding 7 percent each. EOS took the biggest losses on the day with its 13 percent decline.
EOS/USD 24-hour chart: Price moves below support point at $3.30
On the 24-hour chart, EOS price can be seen in free fall. Continuing from the 13 percent decline during the day, price moved as low as $3.24 to move below the support floor of $3.30. In the current scenario, price could be heading towards the low of $2.87 that was set earlier in the week. The Relative Strength Index (RSI) value of 37.28 shows great undervaluation from the market at current trend. Moreover, the Moving Average Convergence Divergence (MACD) curve can be seen setting well below its neutral zone in the negative region, to confirm significance of bearish outlook that EOS currently faces.
EOS/USD 4-hour chart: Price continues to decline but reversal not ruled out
The short-term analysis for EOS suggests that EOS price could still recover from the current setback, similar to the decline faced 3 days ago. The RSI value shows a rather promising figure at 44, which could however be an inaccurate representation. On the Bollinger bands’ curves, price sits within the bottom curves, from where price could either go further down, or a momentum upwards could be formed. The upcoming short-term trading sessions will define what direction EOS is headed towards.
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