EOS technical analysis: Bears aim for $2.50-level

• The four-hour EOS/USD chart has dropped below the 20-day Bollinger Band.
• The hourly EOS/USD chart has found resistance at the red Ichimoku cloud.

EOS/USD daily chart

EOS/USD has dropped from $2.71 to $2.62 in the early hours of Wednesday and is floating below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The Moving Average Convergence/Divergence (MACD) indicates sustained, albeit decreasing, bearish momentum.

EOS/USD four-hour chart

The four-hour EOS/USD chart has dropped below the 20-day Bollinger band, indicating that the price is undervalued. In the process, EOS/USD broke below the support provided by the SMA 50 curve. The Relative Strength Index (RSI) indicator is trending around 37.50.

EOS/USD hourly chart

The hourly EOS/USD is trending in a downward channel formation and has found intraday support at the $2.61 line. The hourly chart had earlier attempted to break past resistance at the red Ichimoku cloud before dropping from $2.71 to $2.64 in just one hour.

Key Levels