EOS price analysis: The EOS coin price could fall below the support region

  • The price of the EOS coin is currently in a consolidation with a hint of downward momentum. It could hit the $ 2.5 low in the near future
  • The technical indicators of the EOS crypto price point to a declining dynamic for the coming weeks. In contrast, the EOS / BTC pair is down 0.26% in the past 24 hours.

The price of the EOS coin indicates a bearish momentum for the coming days. The token price rose more than 500% in four months. Long derivatives from EOS are increasing on the exchanges, according to Bybt.com. The price of the EOS coin is currently trading near the $ 3.86 value with an intraday gain of 1.39%. The increase in long positions could push the price to a much higher price after the correction. The EOS / BTC pair is also trading in a downtrend but may soon return to bullish momentum.

EOS token has a market capitalization of more than $ 3,989,368,261 and is currently ranked 27th in the cryptoverse. The volume of the token fell by 24% in the intraday session. The EOS’s volume to market cap ratio is 0.2384, indicating a downward revision. If the ratio rises above 0.8, strong bullish momentum can be observed.

Bears and bulls take a break for the EOS coin price

Source: trade view

EOS’s weekly technical chart shows bullish momentum in price. On the daily chart, the price is trading below 50 and 100 Daily Moving Average, with a negative crossover. The 100MA line (yellow) is at $ 5.32, making it a temporary resistance for the price. Resistance to the upside for the EOS can be seen at $ 6. On the other hand, there may be a region of support close to $ 2. The EOS price has formed a supply zone on the daily chart. If the price rises by 15% above the supply zone, a strong bullish momentum can be seen. The EOS / BTC pair could also see a strong uptrend in price in the near future.

RSI (bearish): The RSI for the EOS is currently at 40.27, indicating its presence in the overbought zone. The RSI has a negative slope pattern that underscores the possibility of a downtrend.

Conclusion

The price of the EOS coin is currently in a downtrend but may soon see bullish momentum. The EOS / BTC pair may also break past resistance created and see a new high. Depending on your risk tolerance, you can position yourself at EOS.

Technical levels

Main Resistance: $ 6

Main grant: $ 2

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