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Sanjay Shukla
Nov 21, 2022
by Sanjay Shukla

EOS Technical Analysis: Will The EOS Rebound From Its One-Year-Low?

EOS Technical Analysis
The EOS technical analysis displays consolidation despite a declining trend, after prices pulled back from $0.84, eyeing another breakout as RSI signal enthusiasm among buyers. 

EOS has been going through a strong downtrend over the last two weeks due to the financial crises of crypto exchange FTX, as the token has plunged more than 23.2% in the last 14 days, hitting its 52-week low of 0.$82 on November 10. Although the prices attempted to rebound EOS could not break above $0.91 and pull back to $0.85 which accounted for a drop of 4.35% over the last 24 hours. EOS’s decline is supported by the market cap which also dropped by 4.07% during the last 24 hours due to a lack of demand among traders. While 24 hours trading volume of EOS jumped 53.17% the token showed signs of reversal as RSI displayed a balance between demand and supply.

Key Points

  • The EOS price actions show consolidation despite bearish momentum 

  • Pull back at $0.84 signal towards potential bullish reversal 

  • With a 53% jump, the intraday trading volume in EOS stands at $142.96 million  

    • TradingView ChartSource: Tradingview

    EOS Technical Analysis

    After witnessing a sharp drop over the last few days, today’s trading chart represents that EOS prices have been consolidating between the range of $0.86 and $0.84. Although EOS price actions maintain a downtrend, the 200-day SMA teasing the resistance trendline signals the possibility of a bullish breakout in the near future. At a current price of $0.85, the EOS prices pulled back from $0.84 twice, indicating the increasing chances of a bullish reversal. If prices witness a bullish breakout at this stage, the EOS may break above the psychologically important mark of $1, providing multiple buying opportunities for the sideline traders. Conversely, if the token falls below $0.80 it may trigger another selling spree that would take the price below the $0.50 mark. 

    Technical Indicators

    RSI narrowly escaped the bearish divergence after making a bullish divergence above the oversold boundary, approaching the midway line, with a 14-day moving average at the 35 mark showing slight relief from selling pressure. On the other hand, after making a bullish crossover, fast and slow lines showed increasing gaps as MACD is set for another upswing on a bullish histogram.

    The technical indicators show that EOS tries to gain reversal momentum after consolidating with the RSI striking a balance between demand and supply with another upswing on the MACD chart.

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    EOS Technical Analysis: Will The EOS Rebound From Its One-Year-Low?
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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