The EOS price line can be observed carrying a negative slope and moving down on the chart for the 29th of February. CeoCodes is a trading view analyst who believes that the ongoing decentralization debate of EOS is causing the cryptocurrency to head down on its price chart, and it may have further lows to come.
1-Day EOS Price Analysis (29th February)
The cryptocurrency was subject to a bullish momentum at the start of the day. The bulls led the price line to a day’s high of $3.663 US Dollars, after which the EOSUSD pair saw bears and started heading down on the price chart.
The coin gradually made its way towards the $3.50 mark near the end of the 29th of February. The EOSUSD trading pair closed the day with a price of $3.525 US Dollars.
EOS: technical indicators
The 50-Day Moving Average (MA) can be seen moving across the 20-Day Exponential Moving Average (EMA) when the coin sees a downtrend. The 20EMA closed below the 50MA on the 29th of March, at $3.521. The 50MA closed at the top, with a value of $3.537.
The third technical indicator, the Relative Strength Index (RSI) closed at 50.98.
EOS: predictive analysis
According to the analysis posted by CeoCodes, EOS is on its ongoing bearish momentum due to the decentralization debate for the cryptocurrency. The crypto analyst highlighted that the EOSUSD pair has broken the supports placed at $3.4, and then again at the $3.38 mark.
CeoCodes further supported their idea by referring to the C Wave Indicator, which indicates upcoming lows for the cryptocurrency.
Featured Image by Mona Khaleghi.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.