EOS has struggled this week after dropping by a total of 27%. The cryptocurrency saw a further 3% price fall over the past 24 hours and it sets its sights to re-test the support around $2.64. EOS has lost a significant 50% over the past 3 months and has a long road ahead to recovery.
EOS remains the seventh-largest cryptocurrency with a market cap of $2.61 billion.
Since our previous EOS analysis, EOS has suffered heavily amid the Bitcoin bloodbath, which caused it to fall beneath the support at $3.00. EOS/USD continued to slip further until finding support at $2.64, provided by the downside 1.414 Fib Extension, where a rebound was seen.
From above: The nearest levels of resistance lie at $2.98 and $3.00. Above $3.00, resistance lies at $3.20, $3.50, $3.99, and $4.00. The resistance between $4.00 and $4.50 is bolstered due to the 100-days EMA and 200-days EMA being located here.
From below: The nearest level of support lies at $2.64. If the sellers push the market beneath $2.60, support is found at $2.50, $2.25 (2019 price low), and $2.16 (downside 1.618 Fib Extension). Lower support is expected at $2.05, $2.00, and $1.76.
The trading volume remains very low.
The RSI has reached oversold conditions which suggest that the sellers are in complete control. However, the Stochastic RSI has produced a bullish crossover signal which could signal a potential rebound higher.