EOS may be on the brink of a significant drop

3월 30일

The EOS crypto currently appears like it is in an uncertain position, with both bullish and bearish forces attempting to gain the upper hand.

At the beginning of 2024, the EOS price was in an uptrend up to $1.35 supply level in the first week of March 2024, from supply it began to decline from the resistance trendline which was near the supply level on the daily chart. Despite a second rally attempt, the price showed a struggle, which could not break through this resistance. The EOS price is showing declining possibilities as the trendline poses an effectively strong resistance on the daily chart.

The price trajectory now suggests that EOS may be on the brink of a significant drop, as it has encountered resistance. The EOS asset's bearish momentum seems obvious, as it has reacted negatively to the trendline, and has started falling. More selling pressure could cause the price to cut below the critical 20-day and 50-day exponential moving averages, indicating that lower levels may be reached if selling pressure increases.

The technical indicators also signal bearishness; the MACD shows that the MACD line is below the signal line at 0.0267. Likewise, the Relative Strength Index is currently at 55.61, and the curve has started to take a U-turn, as the RSI line is headed to cut the 14-SMA line from above, thus suggesting that the EOS asset's momentum is waning and it may descend further.

As of the latest update, there's an intraday decline of 1.29%, with EOS trading at $1.0922. If bearish trends intensify, it could show the price testing the support level at $0.9700, and potentially even the critical support at $0.8700.

Alternatively, should the market sentiment shift and buyers regain control by jumping past the trendline resistance, there's potential for EOS's price to ascend toward higher levels of $1.350 and $1.500.