Binance Crypto Chart Analysis Indicates EOS/USDT Mirroring Bearish BTC After Bullish Run 2022 | EOSIO Coin Price News

1 min read

There is a general downtrend in the crypto market. With BTC predicted to stay bearish, all major altcoins are mirroring the behavior, including EOS coin. To recover, EOS’ bulls need to pump the token in order to make a recovery. The crypto asset is moving below the 20, 50, 100, and 200 daily moving average. The EOS/BTC pair is at 0.00004702 BTC with a gain of 0.66% in it. The daily charts indicate bearish dominance over the crypto market. Investors are hoping that Bitcoin won’t touch the $17k mark this time, which may cause the downtrend to double down. After a brief recovery, the price of EOS is moving below the exponential moving average.

Currently, one EOS coin is trading at $0.89, which represents a loss of 4.52% in its market capitalization. With a trading volume of 177 million and a market cap of 888 million, the coin is currently down by 3.14% in the 24 hrs trading session. EOS’s volume market cap ratio is 0.1989.

MACD, RSI, Bollinger Band Cloud & Other Technical Indicators for EOS Trading

Trading volume is significantly below its average. To support the price, the bulls need to pump up the volume. MACD indicates a bearish rally as the histograms are fading and now we are just about to witness a negative crossover, indicating sellers are dictating the price. If the trend continues, the price will soon reach the oversold region of the relative strength index. RSI is currently below 35. The Bollinger band cloud is neutrally moving and may cross over the lower band. Market direction can change at any time, so investors need to be prepared.

On the hourly and daily charts, EOS is now surfing over the waves of the downtrend after a slight recovery. BTC, the leading cryptocurrency, is behaving bearish, which is followed by other altcoins. This is one of the major reasons for the downtrend movement. Investors might take a step and make a bet on a bearish rally ahead based on the indicators.

Resistance levels: $0.97 and 1.01

Support levels: $0.81 and $0.70

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