EOS: A fall below this level will open up shorting opportunitiesEOS: A fall below this particular level will open up shorting opportunities

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice The month of July has been rough for most altcoins so far. While the first week of the month did instill hopes of wider crypto-recovery, the following days saw a surge in selling pressure […]Please note: The findings of the subsequent analysis are the sole views of the writer and should not have to get taken as investment advice
The particular month of July continues to be rough for most altcoins up to now. While the first week from the month did instill expectations of wider crypto-recovery, the next days saw a rise in selling pressure across the plank. EOS, like most of its alternatives, saw a decline within value but low volatility kept its losses under control.
At the time of writing, EOS had been traded at $3. 67, down by a marginal zero. 26% over the last 24 hours.
EOS Daily Chart
Source: EOS/USD, TradingView
The period between the finish of June and earlier July was favorable for that global cryptocurrency market plus bullish sentiment allowed EOS to hike above the 22 June swing lower of $3. 066. Nevertheless , its gains were restricted to the 23. 6% Fibonacci Extension at $4. fifteen despite multiple attempts in a upwards breakout.
The most recent unsuccessful breakout attempt saw EOS move below its 20-SMA (red) and shift towards support line of $3. fifty eight. The price can be expected to industry above this defensive degree till a more definitive craze emerges across the broader marketplace. In case of another downturn, EOS could shift back to $3. 06 whereas a bullish outcome would push the cost towards $4. 5 as well as the 50-SMA (yellow).
Reasoning
The particular MACD reflected neutrality because the fast-moving line remained next to the Signal line, even though its histogram noted the decline in bullish energy over the past few days.
The Directional Movement Index’s -DI relocated above the +DI plus pointed to a bearish craze. However , an ADX reading through of 19 meant the trend was weakening. The particular Relative Strength Index continued to be in bearish-neutral territory, yet a move below thirty-five would denote rising down pressure.
Conclusion
EOS appeared likely to trade sideways plus above $3. 58 on the coming days until a far more definitive direction emerges throughout the broader market. If retailers take control, the price could totally reset at its 22 06 swing low of $3. 066. Meanwhile, traders may opt to short EOS when the price falls below $3. 58.

Subscribe to our newest Crypto News and Evaluation below: