- EOS price analysis is in the hands of bears.
- Trading volume declined over 12 percent, indicating loss of interest in the token from traders
- RSI value shows highly undervalued status, which could also trigger a comeback
The latest EOS price analysis shows that the token is likely to experience additional sell-offs as traders appear to lose interest in the market. Since climbing to $5.46 on September 19, EOS has fallen another 2 percent over the past 24 hours to trade at $4.11 at press time.
The lowest price recorded during this time was $3.81, according to Coin Dance. In addition, with trading activity declining by more than 12%, it is evident that there has been a significant lack of trading volume. After breaking past the second support at $4.5, support levels have been reset at $4.0, and traders will watch for bulls to hold above this level to establish consolidation.
EOS/USD price movement in the last 24 hours: Buyers look to push the price above $4.0 support
EOS is attempting to hold above a critical support level that it recently established at $4.0, which will act as a defensive line for the bears. EoS dropped below its previous support level at $4.2 and must now consolidate before launching an advance to resistance at $4.5 on the 24-hour chart.
The RSI is currently at 41, indicating that cryptocurrencies are still undervalued. Despite late-day price increases, EOS’s price is significantly below the moving average of $4.7 and will require some momentum to return there. The MACD also remains in negative territory, suggesting more losses for EOS in the near term.
EOS/USD 4-hour chart: Crucial upcoming trading sessions to consolidate price above support
EOS is expected to move above the support level at $4.0 in the next few trading sessions as it consolidates. In this case, although momentum may be seen picking up over the last day, the RSI value stays at 39. The Bollinger Bands’ curves are far apart, and the price is below the center curve. It appears that EOS is undervalued by the market, and if consolidation does not occur, it might continue to fall. As a result, future trading sessions could play an important role for EOS as it attempts to recover past its 20-day EMA.
EOS price analysis: 4-hour chart. Source: Trading View
EOS Price Analysis: Conclusion
The EOS price is currently trading at $3.74, down 4.19 percent in the last 24 hours and 25% from its all-time high of $6.60 set three days ago. According to fundamental indicators, the token is poised for a further drop unless the price may recover later after plummeting significantly earlier in the day. Buyers appear to have lost interest in EOS, as evidenced by the poor valuations revealed by RSI.
Currently, support is at $4.0, and buyers are watching for consolidation above this mark. EOS might fall as low as $3.82 if the whole crypto market loses its bearings.
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