EOS price forecast indicates that the EOS crypto may see further weakness in its value. Presently, the EOS price is down by 1.52% over the past 7 days and according to the price action, it is facing bearish pressure.
At present, the bears are in charge of the trend where they are maintaining firm command over the price action, although the bulls attempted to take control. Despite the bullish optimism, the buyers were unable to break above 50 EMA, and bears regained supremacy over the price action on the 1-day chart.
EOS crypto is under the key exponential moving averages within the bears’ grasp. The price is facing resistance from the 50 EMA at present on the daily time frame. The price is facing substantial selling pressure in the supply zone which indicates that bears may push its value down further in the near future.
Technical indicators suggest that bears hold the edge over the price action. The price pattern, oscillators, EMA’s, and Volume are moving in tandem, giving similar signals.
At the time of writing, EOS price was $0.5302 with an intraday loss of 0.89%, signaling bearishness. Moreover, the 24-hour trading volume is 44.37 Million.
Technical Analysis of EOS Crypto Price in 1-D Time Frame
At the time of publishing, EOS crypto was above 50 and 200-day exponential moving averages (EMAs), which are supporting the price trend.
However, if selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the EOS price is expected to move downwards giving bearish views over the daily time frame chart.
The current value of RSI is 35.90 points. The 14 SMA is above the median line at 39.90 points which indicates that the EOS crypto is bearish.
The MACD line at -0.0109 and the signal line at -0.0095 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the EOS crypto price.
Summary
EOS crypto technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the EOS crypto price. EOS price action suggests that the investors and traders are bearish on the 1-day time frame. The price action reflects a bearish perspective at the moment. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.
Technical Levels
Support Levels: $0.5000 and $0.4500.
Resistance Levels: $0.5768 and $0.6311
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Source: https://www.thecoinrepublic.com/2023/10/19/eos-crypto-will-eos-price-break-the-upper-resistance-level/