EOS Technical Analysis: Price May Further Fall Below the First and Second Support Levels of $13.90 and $13.62
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EOS Technical Analysis: Price May Further Fall Below the First and Second Support Levels of $13.90 and $13.62

May 12, 2021      Ankita Awasthi

EOS.IO is a blockchain-based platform for the creation of decentralized apps and smart contracts. It aims to improve transaction speeds and minimize transaction costs. It is highly scalable and compatible with mission-critical applications. EOS is the native token of this ecosystem and the technical analysis is as follows:

Past Performance

On May 5, 2021, EOS started trading at $6.34. On May 11, 2021, EOS closed at $14.52. Thus, in the past week, the EOS price has skyrocketed by roughly 129%. In the last 24 hours, EOS has traded between $13.70-$14.90.

https://s3.tradingview.com/snapshots/d/DhNdGeXc.png

https://s3.tradingview.com/snapshots/d/DhNdGeXc.png

Day-Ahead and Tomorrow

Currently, EOS is trading at $14.19. The price has decreased from the day’s opening price of $14.51. Thus, the market seems to be bearish.

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The MACD and signal lines are positive. Thus, the overall market momentum seems positive. However, a bearish crossover by the MACD line over the signal line has occurred. This implies that the price will continue to decline for some more time before it starts rising.

Currently, the RSI indicator is at 55%. It faced rejection at 50% and rose to the current level. Thus, buying pressures are higher than selling pressures. Hence, we can expect the price to start rising after some time.

However, the OBV indicator has fallen steeply. This indicates that selling volumes are higher than buying volumes. High selling activity will push the price further down.

EOS Technical Analysis

In a nutshell, when we look at all the oscillators together, we can say that the price will continue to fall for some time. We have to wait and watch to see when the EOS price will start moving upwards.

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Presently, the price has fallen below the Fibonacci pivot point of $14.37. The price may further fall below the first and second support levels of $13.90 and $13.62, respectively.

The price has fallen below the 61.8% FIB retracement level of $14.16. It may soon fall below the 76.4% FIB retracement level of $13.98 as well. If by day end, the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, we can expect the price to continue rising tomorrow as well.

#EOS #EOS.IO
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.