However, there is a possibility of a potential recovery if the price manages to surpass the $0.875 threshold. Over the past few days, EOS has experienced a gradual decrease in price starting from the $0.912 resistance level against the US Dollar. As a result, the price has fallen below both the $0.90 and $0.88 levels, leading to a shift into a bearish zone.
The bearish momentum intensified below the key support level of $0.850, leading to a sharp downward spike below the psychological level of $0.820. Subsequently, a swing low was established around the vicinity of $0.825, initiating a phase of consolidation as the market absorbed the incurred losses.
Currently, EOS is trading significantly below the critical level of $0.850 and is also positioned well below the 21-hourly simple moving average, indicating a strong bearish sentiment prevailing in the market.
The 4-hour chart of the EOS/USD pair reveals the presence of a significant bearish trend line, which is acting as a crucial resistance barrier around the $0.850 mark. Notably, the first major resistance level can be observed near $0.870. A decisive breakthrough above this resistance level has the potential to initiate a sustained upward movement towards the $0.900 level. In the event of further upward momentum, the subsequent noteworthy resistance level might materialise around $0.920. If buyers persist, the price could potentially advance towards the $0.950 level.
In the scenario where EOS fails to surpass the $0.850 resistance level, it is likely to encounter immediate support around $0.825. Subsequently, the next significant support level is anticipated to emerge near $0.805. If the price experiences a downside break below this support level of $0.805, it could potentially test the $0.770 support level in the near future.
According to price analysis, EOS has a market capitalization of $911,121,808, with a 24-hour trading volume of around $91,447,906.
KEY LEVELS :
RESISTANCE LEVEL : $0.855-$0.875
SUPPORT LEVEL : $0.815-$0.785
Over the past month, EOS has been facing a considerable amount of selling pressure, causing the cryptocurrency to trade near its all-time low. This raises the question: is EOS at a critical juncture? Will it recover or continue to decline? We value your insights and would appreciate it if you could share your views on the matter in the comment section below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
