Very few cryptocurrency markets note any real growth this week. Especially where top ranked coins, such as EOS are concerned, things do not look too great right now. In fact, it remains unclear if the EOS price will stay above $3.5 for much longer.
EOS Price is Drifting
It is not uncommon for altcoins to lose value over time. This seems to coincide with the Bitcoin price trend more often than not. As far as the EOS price is concerned, the past week hasn’t been too promising. A net 8% loss is still in the books, with little improvement in sight.
Even today, there is a minor 0.5% price change. It won’t get many traders excited, but Bitcoin’s sideways momentum isn’t helping much in this regard. As the EOS price has already dropped to $3.43 this week, one has to wonder if that will happen again over the weekend.
Despite plenty of trading volume, forcing a market move is difficult. Over 43% of the EOS market cap is trading exchanges today. All top markets consist of EOS/USDT. The main exchanges volume-wise are LBank, Coineal, Digifinex, ZB, and Coinbene. Of the top 15 trading pairs by volume, 13 are pegged to USDT.
EOS/USDT Technical Indicators
Bollinger Bands: The EOS price chart – on the 4H view – is subject to a relatively narrow Bollinger Bands indicator. There has been very little price action today, and most of it is of a bearish nature. That seems to indicate how the price will drop below $3.5 fairly quickly.
Moving Averages: Contributing to the bearish outlook is the MA situation. The MA20 remains well below the MA50 in a bearish pattern. While the MA200 is moving up slightly, there is no indication of this market turning around. Even so, cryptocurrencies remain rather unpredictable.
RSI: The RSI for EOS doesn’t help much either. This asset is within the neutral zone and shows minor signs of declining. Another bearish indicator confirming how the EOS price is likely to drop even further. The current support level is seemingly situated near $3.46.