154 Interactions, 8 today
The EOS price fell by 30% in the early hours of April 18 due to a drop in the Bitcoin market. The dropping price has shifted the market’s prevailing theme and created a degree of bearishness that could drive the altcoin’s valuation even further.
EOS was valued at $6.63 at the time of publication, with a market capitalisation of $6.52 billion.
EOS 6-hour chart
The above EOS map showed a steady increase in the value of EOS during April. While the coin has seen corrections in the past, today’s drop appeared to be very significant, pushing the price to the $5.72 range. The price rebounded above the $6.5 support, but sellers in the market were fervently driving it lower.
The sector has evidently become more volatile as a result of the fall, as shown by the Bollinger Bands. Similarly, the signal line and the 50 moving average all jumped over the candlesticks, indicating that the bears had taken over.
When the bears assumed over, the market saw increased participation from sellers. The relative strength index indicated that EOS was on the verge of being overbought before experiencing unexpected uncertainty. As the price fell, the commodity moved closer to the oversold zone.
Meanwhile, the incredible oscillator was showing that the market’s traction was evaporating as the bars shrank in scale. If the price falls below the support level, the leverage would shift to the sellers.
Take profit: $5.70
Risk to Reward: 1.56
The new EOS demand is now emerging from its precipitous drop. However, as the coin continues to hang on to the $6.56 support level, selling pressure is rising. If the market grows more bearish, traders can profit from a short position.