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

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

Source: 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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