The EOS price is turning lower from a half-hearted rally attempt. Furthermore, the tiny trading volume suggests that investors have lost interest in EOS.
EOS is currently trading at $3.8700, down $0.5909 (-1.54%).
EOS is now ranked as the 27th largest cryptocurrency and has a market cap of $3.7 billion. And even more disappointing for the bulls, SHIBA INU is nipping at its’s heels, with a $3.3 billion capitalisation.
In my report on the the 23rd of this month I stated:
“Bears in control until price clears $4.40“
On the 29th, the EOS price traded to $4.3650 before reversing. Therefore, the bears are still firmly in control.
Technical outlook
Looking at the daily chart, we can see that not much has changed in the last 10 days. Notably, the trading volume has shrunk to the lowest this year. This indicates to me that even the current low value is not attracting buyers.
Although for now, EOS remains in the $3.0000-$4.4000 trading band, unless activity picks up, it may soon lose the $3.0000 support. Should this happen, it will likely result in the price extending south towards the January lows at around $2.1700.
Moreover, the 50-day moving average has crossed below the 100-day, which further illustrates the bearish momentum.
As long as EOS stays below $4.4000, the outlook will continue to remain grim. However, should the price clear $4.4000, it still faces the 200-day moving average at $4.8420. Only above this level will my bearish view change.
Don’t miss a beat! Follow us on Telegram and Twitter.
EOS price chart (daily)
Follow Elliott on Twitter.