For many months now, EOS has been bearish against the USD. Attempts by the bulls to take control of the market have been short lived. The only good news is that EOS isn’t the only token that is facing bearish oppression. The entire market has faced the same challenge.
During the week, there was an increased volatility in the price of EOS as bulls struggled to take control from the bears. EOS was ranging between highs and lows almost throughout the week. Eventually the short-term trend went upward yesterday. Before the end of yesterday’s trading session, EOS was trading at $5.41 which shows that it was up by 0.10%against the USD. The market capitalization at the time was $4.90 billion while the 24 hour trading volume was $407.65 million.
EOS Price Today – EOS / USD
There is a strong downtrend around $5.923 and $5.304. The price fell from $6.000 to $5.603 within the trading session. However, it started moving upward from $5.008 to $5.279.
What the price action shows is that a significant amount of cash is leaving the market every day. This means that the tend is still strongly in favor of the bears. While a bullish reversal may occur short-term, the long-term trend is still bearish.
The moving average is pointing downwards along with the MACD. Both are crossing the signal line slowly. This shows that the bears are applying pressure in the market. On the other hand, there are still signs of a possible bullish recovery that may give the price a little boost. The trend between the 8th of June and the 18th of October is downward. EOS fell from $14.680 to $5.569 within this time period.
Between August 27 and September 3rd, there is a strong uptrend that took the price from $4.949 to $6.470. There was also an uptrend between September 18 and October 12 that took the price up from $4.843 and $5.111.
The trend has been changing from red to green and green to red for a while now. If an upward movement starts and is sustained throughout the weekend, the price will the bullish next week.
The relative strength index is stagnant but slightly in the oversold region. This shows that both buyers and sellers have grown tired in the market. The position of the relative strength index, and the MACD, long-term, show that the bears may continue to dominate the market. If the bears take control of the market, the $4.84 level will act as support.
Breaking this support will leave the next support at $4.509. If, on the other hand, the bulls take control of the market, they will face resistance at $6.193. After this resistance, the next one will be at $6.729.
EOS Price Now
At the time of writing, EOS was trading at $5.40. This shows that it is up by 1.71% against the USD and 1.83% against Bitcoin. Over a 24 hour period, the trading volume is $394,385,120 while the market capitalization is $4,893,102,370.