A slight correction was made in the cryptocurrency market after a long bullish streak. As Bitcoin’s price fell briefly below $55k on Monday, so did many altcoins. EOS remains 19th on the CoinMarketCap list with a market capitalisation of $4.65 billion.
At the time of writing, EOS was trading at $4.91, as its value remained close to support at $4.83.
EOS 1-hour chart
The above chart of EOS showed that the valuation of the digital asset had been consolidated for some time between $5.11 and $4.83. While it was able to break the resistance and support, the price was able to bounce back within this range.
The EOS market will see another shake-up, but will ultimately continue to shift sideways.
The Bollinger bands have been open to mild fluctuations as EOS rates have varied between a broad range over the past 24 hours. Therefore, the coin will soon see a price swing. The direction of this swing could, however, be downward as the selling pressure builds up.
The 50 moving average stayed above the candlesticks as the price was falling. The selling pressure rose and the value of the relative strength index was highlighted. The indicator was at 40 and was heading towards the oversold zone as the sellers gave up positions.
Despite the bearishness that was emerging in the market, the momentum remained low. The Awesome Oscillator did not show much fluctuations and remained negative.
Take profit: $4.71
Risk to Reward: 1.27
The current EOS market is drawing a bearish image. As the value moves within a given range, sellers might want to sell EOS, and this increasing pressure is making the value of the digital asset much lower. A violation of its help might carry the coin to the next aid, noticeable at $4.71.
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