EOS is trading inside the Bearish pennant Pattern on the hourly chart. A new trend will be determined by the Make or Break of pattern.
the daily chart shows bearishness after rejecting the top of the rising channel pattern.
EOS , like bitcoin, is trading below $1.00 against the dollar. If there is a clear move over $0.98, the price could attempt to rebound. In the last several days, the price of EOS has dropped below $1.10 against the US dollar. The price fell below $1.05 and $1.02 to enter a bearish zone.
On the 4-hours chart of the EOS/USD pair, there was a break below a key bullish trend line with support at $1.04. The pair continued to decline below the $0.98 support zone, ultimately settling below the 21 hourly simple moving average.Price was pushed below the 50% Fib retracement level of the upward move from the $0.870 swing low to the $1.095 high by the bears.
On the upside, an immediate resistance level is near $0.985. The price may attempt the $1.080 level if it breaks through the first significant barrier near $1.00. A clean break over $1.08 might signal the start of a steady rise towards $1.15. Any further rises might push the price up to $1.20.
If EOS fails to break the $0.985 barrier, it may fall further. On the downside, the $0.950 level provides immediate support. The 61.8% Fib retracement level of the upward run from the $0.870 swing low to the $1.095 high is also near to $0.95. The next important support level is at $0.935. If the price breaks below the $0.935 support, it may challenge the $0.880 support in the near term.
According to Price Analysis, The market capitalization of this EOS is estimated to be $1,048,816,087. The 24-hour trading volume for the coin is around $156,251,023. EOS market capitalization has fallen by 5.87%. However, trade volume increased by 57.26% during intraday trading. The market capitalization to volume ratio is 0.1491.
KEY LEVELS :
RESISTANCE LEVEL : $1.00-$1.05
SUPPORT LEVEL : $0.93-$0.90
After rejecting the top of the rising channel pattern, EOS is currently forming a Three Black Crows pattern.Will EOS touch the bottom of the channel line? Please leave your thoughts in the comments section below.
