The entire crypto market is generally in a state of indecision as most assets are moving sideways. EOS price declined 1.9% in the past 24 hours while it was trapped in a tight range between $ 3.54 and $ 3.75 on the 4-hour chart. The bulls are struggling to sustain any attempts to move up prices. This after exploring lows below $ 3.60 and supporting the support just above $ 3.54. Movement in either direction is uncertain as indecision dominates the market.
Similarly, Bitcoin has been trading in a narrow range between $ 31,100 and $ 32,500 since July 15. Any attempt to push the largest cryptocurrency up will encounter immense resistance from the 50- and 100-day Simple Moving Averages (SMA).
Other crypto signals suggest that assets like Ethereum (ETH), Cardano (ADA), Chainlink (LINK) and Polygon (MATIC) have seen sideways price movements on the 4-hour chart in the past few days.
Falling volatility in the EOS price
As of press time, the EOS price on Coinbase is hovering around $ 3.64. The price of the crypto asset is still monotonous, 76% below its May 12 high of $ 14.90. EOS’s sluggish price action over the past three days has fluctuated between highs around $ 3.75 and the support level of $ 3.54. This suggests that the EOS market is consolidating as the overhead pressures and bullish pressures cancel each other out.
The four-hour Bollinger Band (BB) gives credibility to EOS’s price consolidation. This is shown by the crushing of the Bollinger Bands, suggesting a decrease in price volatility.
In addition, the Moving Average Convergence Divergence (MACD) indicator confirms this price consolidation through its sideways movement. . Likewise, the RSI is moving sideways, an indication that the EOS is moving sideways. Additionally, the RSI is typically mid-range at around 45.12, showing a consolidation in EOS price.
EOS Price (EOS / USD) four-hour chart
Which way EOS?
Currently, EOS is trapped between the lower limit and the center line of the BB. Realize that an outbreak is likely to be two-way.
If there is a breakout to the downside, EOS price will likely retest the support at $ 3.50. Further downside decline could extend EOS losses towards the USD 3.40 support zone.
However, if a breakout to the upside does occur, EOS price will need to cross the immediate resistance at around $ 3.68 before it can explore areas around the $ 3.75 resistance level. Note that any further upward movement can be hampered by the 50-day SMA.
The MACD also confirms this bullish outlook with its positive value above the signal line. The bullish breakout can be confirmed once the MACD crosses the zero line into positive territory.
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