Despite the price moving just above the exponential moving average and the volume significantly below average, the trading volume has gained 7% over the intraday trading session. In order to make a successful trend reversal, EOS coin must attract buyers or else it will be left behind in the race of other cryptocurrencies. In the 24 hour period, the price reached a lower low of $0.99. Since the EOS price is still near its all-time low, investors are concerned.
In the last 24 hours, the coin price has fallen by 2.67% to $1.01, which represents a loss of 2.67% in its market capitalization. With a trading volume of 177 million and a gain of 5.82% in the 24 hour trading session, the coin has a market capitalization of 1 billion. The volume market cap ratio for EOS is 0.1776.
EOS Needs Price Boost as MACD & RSI Indicate Bearish Rally 2022
When analyzing the graph for short term (4 hours), we can clearly see the waves of the uptrend, which represent the battle, along with bulls’ overall dominance. More buyers are needed to boost the price. The price has fallen below the exponential moving average. The MACD technical indicator indicates a bearish rally as the MACD signal line is moving above the MACD signal line and the histograms are dropping. Additionally, the relative strength index is in favor of bears this time because selling pressure is increasing, as indicated by the indicator. RSI is below 55.
After the return of bullish dominance over the whole crypto market the EOS price is still battling for an uptrend movement over the daily chart but an uptrend can be observed over the hourly graph. The coin needs to attract more buyers to pump the price. The technical indicators indicate a bearish dominance on the hourly graph.
Resistance levels: $1.12 and $1.22
Support levels: $0.91 and $0.81
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
