Can EOS Crypto Make A Comeback?

EOS’ price has been in a strong declining trend for the past 6 months losing more than 50% of its value in the past 6 months and declining 31% over the past 3 months. The price declined forming a bearish price action.

The EOS crypto price dropped below the 50-day EMA showing that the short-term trend is bearish. EOS price currently trades at $0.57 with a decline of 1.34% in intraday. The coin holds a market cap of $638.33 Million and ranks at 51th in the crypto market.

The daily chart shows that the price tried to sustain near the 50 EMA. However, the buyers lacked volume led to the breakdown of the price which resulted in the formation of a new swing low.

EOS is a blockchain platform that offers high performance, flexibility, security, and developer experience. It uses the EOS virtual machine to run near-feeless transactions on a WebAssembly engine. EOS is also a digital currency that is scalable, divisible, and programmable.

Eos Price Consolidating After Forming A New Swing Low

The EOS token is currently trading at $0.57 with an Intraday loss of 1.36%. The daily chart shows that the sellers dominated the trend leading to the breakdown of the previous swing low.

Currently, the coin consolidating near the swing low and seeking buyers’ hand to enter the market. The breakdown of the recent support may again lead to the breakdown and the price may decline to the lower support zone.

Technical Indicators Showing Mixed Sentiment about the EOS Price Trend

MACD lines have made a bullish crossover indicating the buyers are trying to defend the support levels. However, histogram bars are being formed of negligible size indicating weak buyers participating in the market.

The EMA analysis suggests that the EOS price failed to sustain above the 50 EMA indicating bearishness in the short term. The price is already below the 200 EMA indicating a long-term weakness on the daily chart.

At the time of publishing, the RSI value of the EOS token is 36.06 and that of the SMA line is 32.05. RSI is trying to recover after entering an oversold region.

Conclusion

EOS price prediction concludes that the price has been in a strong downtrend for the last 6 months, losing more than half of its value. The price broke below the 50-day EMA, indicating a bearish short-term trend. The price also broke the previous swing low and formed a new one. The price is now consolidating near the new low and looking for buyers to enter the market. If the support breaks, the price may fall further to the lower support zone.

Technical Levels

Support levels: $0.51 and $0.38.
Resistance levels: $0.73 and $0.85.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing