EOS Price Loses Another Support; Are We Revisiting $0.88 Mark?

Published 31 mins ago

Amid the ongoing uncertainty in the crypto market, the EOS coin price is trying to sustain below the recently breached $1.1-1.05 support level. Moreover, a low volume retest to the flipped resistance indicates weakness in the buyer’s commitment. Thus, this breakdown should assist sellers in extending the ongoing downfall to the June-July bottom support of $0.88. 

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Key points: 

  • The EOS price gave a bearish breakdown from the $1.1-1.05 support.
  • The coin price trading below the 20-day EMA with a significant gap indicates aggressive selling in the market
  • The intraday trading volume in the EOS is $749.5 Billion, indicating a 131% gain

EOS Price chart

Source- Tradingview

The EOS technical chart shows a V-top price reversal from the $1.85 resistance. This bearish reversal aligned with rising negative sentiment for inflation plunged the prices 43% since last month.

During this downfall, the sellers have breached several support levels and have recently plummeted below the $1.1-1.05 support level. Thus, this support breakdown should accelerate the selling pressure and continue the downward spiral to hit the $0.88 mark.

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As of now, the altcoin price currently trades at $1.054 with an intraday jump of the $4.46 mark. This bullish candle retests the breached $1.1-$1.05 level for potential resistance. If the sellers managed to sustain prices below this level, the price would drop 15.5% to revisit the $0.88 support.

On a contrary note, if the buyers push the prices above the $1.1 mark, the fake breakdown scenario will bring additional buying pressure and may surge the EOS coin to $1.25.

 Technical indicator

Bollinger band indicator: the EOS price constantly hitting the indicator’s lower band indicates strong selling in the market. However, the price retesting this support is usually followed by a retracement to the midline, accentuating our retest theory.

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RSI– A steady downfall in the daily-RSI slope shows no weakness in bearish momentum, indicating the market sentiment supports a downfall to the $0.88 mark.

EOS Coin Price Intraday Levels

  • Spot rate: $1.06
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels- $1.1-1.05 and $1.25
  • Support levels- $1 and $0.886

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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