EOS Price Analysis – July 11
The EOS is one of the least performing altcoins on today. The sixth-largest coin, with a current market value of $4.2 billion, has lost more than 20% over the past 24 hours, after a massive sell-off in the cryptocurrency market.
Resistance levels: $7.5, $8.0, $8.5
Support levels: $3.0, $2.5, $2.0
EOS is correcting over 10% lower on the day. The bears had a field day with the crypto asset as they took it from consolidation to breaking one support area after the other. Negative pressure was not unique to EOS as all the major cryptocurrency posted shocking losses in double-digits.
EOS, on the other hand, has failed to find support at $5.5 and even at $5.0. The price explored the levels heading to $4.0 but formed three-month low at $4.39. A reversal that occurred today stepped above $4.5 and EOS/USD is currently trading at $4.79. In the case of higher correction at $4.0, EOS will encounter more resistance at $7.5, $8.0 and $8.5 levels. Both the RSI 14 and MACD indicators are indicating sell signals.
Since June 1, EOS/BTC plunged and followed a bearish sentiment up till this moment; revealing a strong selling control in the market. There’s no sign for a potential bullish move, following the heavy decline, the bears have gained control of the market. As shown on the daily chart, the RSI 14 has reached an oversold condition.
Meanwhile, for a bullish move, the closest supply level to watch out for is 8000SAT and 8500SAT levels. If price continues to trend upward and cross the 21-day moving average and above, we may see a positive move in the market. The bearish rally may be supported at 1800SAT and below.
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