EOS fails to breach the resistance level at $2.9 as market plummets: Technical Analysis
On Christmas Eve, Bitcoin rose above the psychological barrier of $4,000 and briefly touched $4237. Crypto enthusiasts were quick to label it as the ‘Santa Claus Rally’. But the rally didn’t hold for much longer and the coin lost nearly $500 and settled at around $3770. At the time of writing, the flag bearer of the crypto world is hovering around $3666.02. But if we take a close look at the last 24 hrs, we find that along with Bitcoin, all other leading coins are also trading in the red. Same is the case with 6th most valuable cryptocurrency, EOS, which lost nearly 7.2 percent in the last 24 hrs and is trading at $2.35 and its total market cap is $2.1 billion.
The cryptocurrency found support at $2.5331 and then it entered a bearish zone and is currently trading at $2.3575. The resistance level lies at $2.9919 which the coin has failed to breach. The RSI indicator is at $40.1263 and is closing in on overbought levels. The MACD levels show that the coin is grappling with bearish momentum and the 100 EMI lines show a downtrend. A closer look at the 2-hour chart shows that price broke the short-term support at $2.6. The next area of short-term support is found at $1.9-$2.1.
At the time of writing, the cryptocurrency is falling against BTC by nearly 4 percent and is equal to 0.0006406 BTC.
Earlier this week on Wednesday, the cryptocurrency exchange Huobi’s derivatives wing, Huobi Derivative Market (DM) announced the introduction of an EOS [EOS] contract, thereby expanding the trading volume. Huobi DM announced, on Boxing Day, that the EOS contract would be live on the derivatives exchange on Friday, December 28.
Earlier this week, the EOS Asia team announced the launch of their latest product, EOSX. The launch of EOSX is in an attempt to foster the mass adoption of EOS mainnet which was launched six months ago.
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