EOS Price tumbled 22%; Is it a good time to invest in EOS Network

• EOS Price tumbled 22% in a single day and hit fresh yearly lows.
• The EOS Network price witnessed a biggest single day fall in 2023.
• EOS crypto price below 50 and 200 day EMA denotes downtrend.

EOS Price tumbled 22% in a single day and formed a highly bearish pattern. It hits a fresh yearly low at $0.602 and a massive spike in the selling volume is visible. The sudden fall in EOS crypto price is due to the sell off across all the cryptocurrencies. 

The momentum in the recent downfall is high so, the possibility of sharp bounce back from lower levels decreases substantially. EOS Price has formed a double top pattern and broken down the neckline support. It triggered the negative sentiment and invited further decline. 

From the past few weeks, EOS Price is consolidating in the narrow range between $0.800 to $0.900 and buyers have tried their best to rebound. Sadly, the higher range acted as a strong hurdle and sellers succeeded in pulling the prices below the lower range. 

The EOS Network price is trading below the 50 day and 200 day EMA shows downtrend. However, the current market price has stretched down and gone far away from the averages. Therefore, prices might spend some time in consolidation to bring stability in the prices. 

EOS Price is trading at $0.681 with an intraday decline of -2.30%. The 24 hour volume to market cap ratio is 0.663. 

When the downfall in EOS Price might take halt

EOS Price corrected 47% approx swing high at $1.300 and lost the complete gains generated in the beginning of 2023. The downfall is still continuing and no signs of recovery in prices is visible. 

Recently, EOS Price has broken the lower range $0.800 of consolidation which will now act as an immediate hurdle for the bulls. On the lower side $0.600 is a new low which is likely to act as support for coming weeks. 

The technical analysis suggests, EOS price has entered a new range and expected to consolidate between $0.600 to $0.900. The downfall may take halt near to $0.600 if buyers came forward to defend the support. 

On the other hand, If the situation gets worse and prices drop below the $0.600 then it may surely raise concern for investors.

EOS Network Price bear on multiple timeframe 

EOS Network Price down 25% on a weekly basis but majority of the loss is due to yesterday’s fall only. The price pattern is bearish on the daily and weekly time frame. So if any short term bounce back arrives then it may lack the momentum near $0.800 level. 

The MACD curve is collapsing downward and displays a sharp negative crossover. It shows that prices are likely to trade with a bearish bias. Whereas, the RSI at 27 denotes weakness but the price has entered the oversold territory due to this sell off might take  halt.

Conclusion

EOS Price tumbled 22% in a single day due to sell off all over the cryptocurrency market. However, The downfall has broken down the important support of $0.800 which hurted the sentiment of investors. 

The technical analysis suggests, The downfall in EOS Network might take halt near $0.600 and expected to enter consolidation.

Technical levels

Resistance levels: $0.800 and $1.044

Support levels: $0.600 and $0.500

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.