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Home News EOS News

EOS price follows the market down to $2.6

Taha Farooqui by Taha Farooqui
Sep 30, 2019 at 05:30 am
Updated Aug 02, 2020 at 07:05 am
in EOS News
2 min read
eos price in trouble - 29th September 2019
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This week EOS price struggled after having been dropped by a total of twenty-seven percent (27%).

EOS price further experienced a three-percent (3%) fall in the last twenty-four hours and is now planning to re-test the support around a little over two dollars ($2.64).

The cryptocurrency has lost over fifty percent (50%) over the course of the last three months and would need quite a time for recovery. Regardless, EOS remains the 7th largest cryptocurrency with a total market cap of a little over two billion dollars ($2.64).

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EOS price movement: What to expect?

Amidst the bloodbath of Bitcoin, the EOS price suffered hugely and caused it to drop below the support at three dollars ($3.00). The EOS/USD pair continued to drop further till they found support at a little over two dollars ($2.64), and that was provided by a little over one (1.414) Fib extension downside. A rebound was witnessed there.

The closest resistance level was at a little over two dollars ($2.98) and three dollars. Above three dollars, resistance lies at a little over three dollars ($3.20), a little over three dollars ($3.50), a little over three dollars ($3.99) and four dollars while the resistance between four dollars ($4.00) and a little over four dollars ($4.50) is bolstered because of the hundred-day EMA and two hundred days EMA being found here.

EOS price chart 29th September 2019EOS price chart by Trading View

The closest support level lies at a little over two dollars ($2.64). In case of sellers pushing the market below a little over two dollars ($2.60), support is located at a little over two dollars ($2.50), a little over two dollars ($2.25) and over two dollars ($2.16) with the 1.618 Fib Extension downside.

The EOS price is also affected by the prevailing trends and a very low trading volume. Oversold conditions were reached by RSI, which tends to suggest that sellers have total control. However, a bullish crossover signal was created by Stochastic, which could be an indication of higher recovery.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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