EOS price ‌analysis:‌ EOS signals fresh declines near key support levels

The method representation suggests bulls volition conflict if the terms breaks beneath the 20 EMA and 50 EMA

EOS terms is up 0.3% successful the past 24 hours and the coin presently trades astir $3.98, down 0.5% successful the past hour.

EOS reached its all-time precocious of $22.71 connected 29 April 2018, and contempt a caller surge to supra $14, the cryptocurrency has mostly underperformed since its marketplace debut. According to information from CoinGecko, today’s terms is astir 82.5% little than its ATH.

With the broader marketplace besides successful a slowdown, the cryptocurrency is facing a imaginable retracement that could instrumentality it further distant from the peak.

EOS terms outlook

The regular illustration shows prices person turned little aft indecision crept into the marketplace pursuing a rejection astir $4.30 earlier successful the week.

The betterment from $3.79 besides faded astatine $4.22, making the portion astir $4.10 to $4.56 a captious proviso zone. There was a Doji candlestick connected 3 August and the terms has traded lower, with intraday moves oscillating successful the portion beneath the circular fig of $4.00 and the 50-day exponential moving mean astatine $3.90. 

EOS/USD regular chart. Source: TradingView

Looking astatine the method indicators, we spot the regular RSI opening to dip, though it remains supra the equilibrium point. The MACD is besides providing a bullish view, but it is decreasing successful spot arsenic shown by the histogram.

If bulls negociate to support bears disconnected and execute a regular adjacent supra the 50 EMA, the EOS/USD brace could proceed on the ascending trendline formed with the betterment from lows of $3.10. The uptrend could spot bulls interruption the cardinal proviso portion marked connected the illustration and people the 200 EMA astatine $5.

On the downside, the terms could find captious enactment astatine the aforementioned 50 EMA and past the 20 EMA astatine $3.75. Support beneath these levels lies astatine $3.70, which is astatine the 50% Fibonacci retracement level of the determination from $3.10 to $4.30. 

A breakdown from present would instrumentality prices towards $3.