- The EOS coin bears reclaimed the 50 and 200-day EMA
- The EOS/BTC pair was trading at 0.0001007 BTC with a loss of 13.9%
- the 24 trading volume in EOS coin is $4.58 Billion
The crypto market was under intense selling pressure on September 7, with almost all coins experiencing a significant drop in their value. Anyhow. The EOS coin was no exception as yesterday it showed a fall of 20%. Moreover, Today the price is still falling and has given a breakout from another support level of $4.6.
Concerning the EMAs. The EOS coin has experienced a sudden reversal in its price over the past week., causing the crucial EMA’s 20, 50, 100, 200 EMA to be drawn too close together, making it difficult to trade any signal correctly. EOS traders can limit EMA’s to 50 and 200 EMA to avoid unnecessary confusion and allow them to identify the primary trend within this coin. Thus, with the price trading below these 200 EMA, the coin is under a bearish trend.
The RSI, currently at 42 (BEARISH), has seen a significant decline in its value relative to the coin’s price action, suggesting the bears are now in control.
The EOS Coin Crypto Chart In The 4hr Time Frame
The EOS coin suggests a good short opportunity for its Crypto trader with the breakdown of crucial support of $4.6. Yesterday, the coin price managed to sustain above this support level with a long lower price rejection; and thus, the EOS should wait for a proper closing below this level before entering a short trade.
The MACD indicator (BEARISH) shows strong selling pressure in this coin, with the sudden crossover of the MACD and signal line with the neutral zone. Moreover, The histogram supports the bearish momentum by showing long rising red bars on its chart.
Conclusion: From a technical perspective, the EOS shows a strong bearish outlook with the current state of its price action and indicators. Therefore, the crypto trader looking for a short opportunity can wait for this coin price to sustain below the $4.6 mark, triggering a great short opportunity for them.
Support: $4.2
Resistance: $4.6