EOS Price Loses Another Support; Are We Revisiting $0.88 Mark?

Amid the ongoing uncertainty in the crypto market, the EOS coin price is trying to sustain below the recently breached $1.1-1.05 support level. Moreover, a low volume retest to the flipped resistance indicates weakness in the buyer’s commitment. Thus, this breakdown should assist sellers in extending the ongoing downfall to the June-July bottom support of $0.88. 

Key points:

• The EOS price gave a bearish breakdown from the $1.1-1.05 support.
• The coin price trading below the 20-day EMA with a significant gap indicates aggressive selling in the market
• The intraday trading volume in the EOS is $749.5 Billion, indicating a 131% gain

Source- Tradingview

The EOS technical chart shows a V-top price reversal from the $1.85 resistance. This bearish reversal aligned with rising negative sentiment for inflation plunged the prices 43% since last month.

During this downfall, the sellers have breached several support levels and have recently plummeted below the $1.1-1.05 support level. Thus, this support breakdown should accelerate the selling pressure and continue the downward spiral to hit the $0.88 mark.

As of now, the altcoin price currently trades at $1.054 with an intraday jump of the $4.46 mark. This bullish candle retests the breached $1.1-$1.05 level for potential resistance. If the sellers managed to sustain prices below this level, the price would drop 15.5% to revisit the $0.88 support.

On a contrary note, if the buyers push the prices above the $1.1 mark, the fake breakdown scenario will bring additional buying pressure and may surge the EOS coin to $1.25.

Technical indicator

Bollinger band indicator: the EOS price constantly hitting the indicator’s lower band indicates strong selling in the market. However, the price retesting this support is usually followed by a retracement to the midline, accentuating our retest theory.

RSI– A steady downfall in the daily-RSI slope shows no weakness in bearish momentum, indicating the market sentiment supports a downfall to the $0.88 mark.

EOS Coin Price Intraday Levels

• Spot rate: $1.06
• Trend: Bullish
• Volatility: Low
• Resistance levels- $1.1-1.05 and $1.25
• Support levels- $1 and $0.886