EOS Technical Analysis: Total Weakness At Historical Lows
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If you look closely at the weekly timeframe, how exactly the EOS price tested the critical range of $2-$2.2. For 3 weeks, buyers are trying to rebound from this liquidity level, but high interest in buying EOS is not visible yet. A similar situation in the EOS market was in March 2020. After a total fall wave, the coin price was in consolidation at historical highs of 9 months. During this time, sellers have repeatedly tested the strength range of $2-$2.2. And only after the completion of this consolidation, the cryptocurrency market saw a great wave of EOS growth. At the moment, this scenario is positive for EOS investors. But, if the price on the big timeframe is fixed below $2-$2.2, we will expect the EOS price to continue falling to $1.65.
Technical Analysis Of EOS On The Daily Timeframe
Analyzing the movement of the EOS price on the daily timefame, we can see that the local fall wave from November 2021 was broken. The EOS price tends to test the local level of $2.9. The daily chart shows that as you approach this mark, trading volumes begin to grow - indicating the local importance of this level. Therefore, the probability of a rebound of the EOS price from $2.9 to $2.45 is the highest. However, the $2.45 test will maintain the current structure of buyers growth and give them the opportunity to try again to break the $2.9 mark. Losing control of the $2.45 mark will send the EOS price back to the $2.2 range.
The EOSBTC Price Has Updated The Historical Low
If in the pair up to USDT the EOS price is kept before updating the historical high, then in the pair up to BTC it has already been updated. However, last time in March 2021, sellers also updated the historical high. This story ended with a good EOSBTC price rebound. Though, at that time the trading volumes was high. This fact showed the great interest of buyers to buy EOS at historical lows. Now the situation is radically different. The lower the EOS price is, the lower the trading volumes are. This can be a great trap for sellers, as the EOS price has stopped falling aggressively. In such cases, the price often turns sharply, giving market participants a powerful impulse in the opposite direction.