- EOS saw a sharp 3.5% price decline over the past 24 hours of trading as the cryptocurrency drops to the $2.80 level.
- The buyers had made an attempt to break above the resistance at $3.00 but were turned away as they dropped beneath the 100-days EMA.
EOS saw a steep price drop that totaled to 3.5% over the past 24 hours of trading. The cryptocurrency made an attempt to break above $3.00, which is resistance provided by a bearish .382 Fibonacci Retracement level but failed to do so which caused them to roll over and fall beneath the 100-days EMA.
The coin is now trading at $2.80 but is looking bearish after being rejected at the 100-days EMA. It is ranked in the 9th position as it holds a $2.59 billion market cap value.
EOS Price Analysis
EOS/USD – Daily CHART – SHORT TERM
Analyzing the daily chart above, we can see that EOS made a push earlier in the week as it moved above the $2.80 level to climb above $3.00 and reach as high as $3.11. The resistance here is provided by a 1.272 Fib Extension level. However, the cryptocurrency was unable to sustain these heights and quickly rolled over to close the day at $3.00.
It then went on to drop beneath the $3.00 level which is resistance provide by a bearish .382 Fib Retracement – measured from the Feb high to the March low.
In today’s trading session, the cryptocurrency made another attempt to climb above $3.00 but was turned away again as it dropped to the $2.80 level.
Short term prediction: BULLISH
EOS is still bullish in the short term but it must break the resistance at $3.00 to continue higher. It would need to drop beneath $2.70 to turn neutral and beneath $2.40 to turn bearish.
IF the sellers do push lower, the first level of support lies at $2.71 (.236 Fib Retracement). Beneath this, support lies at $2.60, $2.37 (.382 Fib Retracement), and $2.27 (.5 Fib Retracement).
On the other side, the first level of resistance lies at $3.00. Above this, resistance is located at $3.11, $3.20, $3.30 (1.414 Fib Extension), and $3.46 (bearish .5 Fib Retracement).
Support: $2.71, $2.60, $2.47, $2.27.
Resistance: $3.00, $3.11, $3.20, $3.30.