Downward unit could spot EOS erase each gains made erstwhile it raced to a 52-week precocious of $14.88
The EOS terms reached $14.88 connected 12 May, its highest terms level this twelvemonth and a 52-week precocious that saw the coin’s show reflector the broader market’s bull run.
However, EOS saw its worth commercialized little to deed $3.07 connected 22 June, again mirroring the turmoil successful the broader market.
As of writing, EOS is trading astatine $3.69 against the US dollar. Its worth has declined by 7% successful the past 24 hours and 10% successful 7 days. Yesterday’s breakdown present means that EOS is susceptible to much losses, with its existent terms astir 83% disconnected the all-time precocious of $22.71 reached connected 29 April 2018.
EOS is the 28th largest cryptocurrency by marketplace cap, its $3.5 cardinal valuation putting it down Monero (XMR) astatine $3.7 cardinal but up of Shiba Inu (SHIB) astatine $3.2 billion.
EOS terms outlook
On June 25, EOS developer Block.one announced it had paid 83,000 EOS oregon astir $330k to a contractor. The terms of EOS dropped astir 15% successful 2 days, from $4.02 to $3.39.
On July 1, American CryptoFed DAO became the archetypal decentralised autonomous organisation (DAO) to beryllium legally recognised successful the US, with the task leveraging the EOS level for its two-token economy. The marketplace absorption pushed EOS terms backmost supra $4.00, but weakness crossed the markets saw the upside slice adjacent $4.31.
As seen connected the terms illustration below, the terms has been tracking a bullish inclination line. However, the past fewer hours person seen bears interruption the enactment enactment to endanger further losses.
The Relative Strength Index (RSI) connected the 4-hour illustration is beneath the equilibrium constituent and suggests bears are successful charge. EOS/USD is besides trading good beneath the 50-day elemental moving mean ($3.93) and the 20-day exponential moving mean ($3.87), with the moving averages’ curves suggesting terms weakness.
Considering the beardown absorption facing buyers astir $3.80, terms enactment implicit the adjacent fewer hours/days could proceed the downward trend. If bulls let prices to dip beneath the enactment enactment of the descending parallel channel, past we could look astatine EOS retesting caller lows adjacent $3.00.
On the contrary, a decent bounce to the 20-day EMA and 50 SMA could let bulls to effort a breakout to $4.00-$4.50 oregon higher.