EOS coin price falls sharply after retesting the consolidation breakout to reach the 50-day EMA. Will the downfall continue to reach $2?

Key technical points:
<ul>
 	<li style="font-weight: 400">A bullish crossover is seen in the MACD indicator. </li>
 	<li style="font-weight: 400">In addition, the 50-day EMA gives support to the falling prices. </li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of EOS is $879 Million, marking a 40% fall.</li>
</ul>
<h2>Past Performance of EOS</h2>
EOS coin price action break below the consolidation formed between the $2.7 and $2.95 levels, as mentioned in our <a href="https://www.cryptoknowmics.com/news/eos-technical-analysis-will-buyers-capture-3-stronghold">previous article</a>. The downfall shows a V-shaped reversal after falling 25% in a week to reach the $2.15 mark. The bullish reversal rally retests the consolidation range and clings to the 50-day EMA to float above $2.50.

<img src="https://s3.tradingview.com/snapshots/y/YZD2zCt8.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/YZD2zCt8/">Tradingview</a>
<h2>EOS Technical Analysis </h2>
EOS coin price shows a post-retest reversal with a solid bearish engulfing candle formed yesterday, accounting for a 9.32% fall. The bearish candle creates an evening star pattern indicating a potential fall to $2.

The bearish alignment of the daily EMAs (550, 100, and 200) provides dynamic resistance to keep the bullish growth in check except for the 50-day EMA. The 50-day EMA keeps the price above the $2.50 mark and increases the price.

RSI Indicator: The RSI slope grows above the 14-day average and surpasses the halfway line reflecting a gradual rise in the underlying bullishness. Moreover, the last two dips at the 50-day EMA showcase a bullish divergence. 

MACD Indicator: The MACD and signal lines maintain a sideways trend after the bullish crossover reflecting weakness in the underlying bullishness. 

In a nutshell, the EOS technical analysis highlights the possibility of the 50-day EMA fallout.
<h2>Upcoming Trend </h2>
The EOS coin price experiences an increase in selling pressure, evident by the bearish engulfing candle breaking under the 100-day EMA. Hence, the possibility of price succumbing under the 50-day EMA to reach the $2 mark increases. However, a price jump above $2.75 will nullify the bullish thesis and potentially start a bull run to $3.

Support Levels: $2.5 and $2

Resistance Levels: $2.75 and $3

EOS Technical Analysis: 50-day EMA Holding Under Pressure

EOS coin price falls sharply after retesting the consolidation breakout to reach the 50-day EMA. Will the downfall continue to reach $2?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

EOS Technical Analysis: 50-day EMA Holding Under Pressure

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