- The general trend of EOS price is highly bearish.
- EOS/USD short-term falls at $13.5 which coincides with 38.2% Fib retracement level.
EOS price plummeted on during the Asian trading hours on Friday and is now testing the confluence created by both the bullish trendline and the descending trendline. The general trend of the price is highly bearish. The 50 SMA and the 100 SMA failed to hold the price at $14.00, although the short-term support at $13.5 which falls at the 38.2% Fib retracement level with the last swing high of $15.1 and a low of $10.5.
The price spiked briefly before the close of the trading session on Thursday breaking past the key resistance level at $14.5 but failed to breach the long-term hurdle at $15.00. The RSI on the 1-hour timeframe chart is currently moving further down towards the 40 mark. Further down the region at the 61.8% Fib retracement level with the previous swing high of $15.1 and a low of $10.5 is presented as a stronger support.
EOS is preparing for the Hackathon this weekend which will be held in Hong Kong. The event is very important to the network which has recently released its EOSIO software and is getting ready for the token swap from Ethereum to EOS blockchain.
EOS/USD 1-hour chart
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