Home Crypto News EOS Price Faces Strong Resistance at $4.30

EOS Price Faces Strong Resistance at $4.30

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EOS (EOS) traded at lows of $3.17 after plummeting 26% as a declining BTC dragged altcoins with it

EOS plunged to lows of $3.17, retesting a worth degree final touched in early February when it broke above a long-term resistance line. The upside breakout had seen EOS worth commerce larger to succeed in highs of $5.60.

However, a bearish flip that started on 14 February accelerated amid this week’s worth shockwave. As Bitcoin plummeted to lows of $45ok from an all-time excessive of $58.3k, EOS adopted swimsuit with a -26% transfer.

Although consumers have pushed it again above $4.00 and it’s now buying and selling within the inexperienced, a bearish image stays. If EOS doesn’t comply with BTC’s bounce above $50 as seen over the previous 24 hours, it might slip as soon as extra and register recent losses in the direction of $3.00.

EOS worth technical evaluation

EOS worth has been in a downtrend since flipping decrease on 14 February. The rebound from lows of $3.17 as seen over the previous few hours might support bulls’ plans for a swift return to cost ranges above $5.00.

While the value is transferring in the direction of $4.10 on the each day chart, technical indicators nonetheless counsel bearish energy.

EOS/USD each day chart. Source: TradingView

The RSI is seeking to cross above the 50 line, however tendencies with a unfavourable divergence means that sellers could but strike once more. The MACD can also be throughout the optimistic zone, but a possible bearish flip might strengthen if there’s recent draw back stress.

Considering this situation, EOS bulls may need to maintain the upward stress intact and bounce larger if they’re to weaken sellers additional. It may not be a simple process, given the appreciable sell-side stress anticipated at $4.32, an space presently sheltering the 20-day exponential transferring common.

If EOS manages to interrupt above the 20-EMA ($4.32), the following goal can be a horizontal resistance line at $4.70. Defending features above this degree can be essential in a short-term push in the direction of current highs round $5.60.

The 2-hour chart has the Bollinger Bands suggesting potential volatility, which might embrace an upswing to the higher curve (presently at $4.70). However, if sellers reject advances above $4.00 and push EOS decrease, we may even see one other breakdown to lows of $3.50.

EOS/USD 2-hour chart. Source: TradingView

This outlook might unfold given the stubbornness witnessed at the center curve of the Bollinger Bands, which might see EOS worth swing decrease inside a variety. The decrease curve of the volatility indicator suggests costs might contact $3.34. The subsequent help zone beneath this degree is that this week’s low at $3.17.

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