EOS 9% plunge massively dents the short-term bullish trend

• The 7-day stability culminated in declines that have prevailed on Monday.
• The declines have dealt a heavy blow to EOS bullish outlook.

EOS is leading in terms of declines among the top ten cryptocurrencies. Although the entire market is in the red, EOS is the biggest single-digit loser with losses exceeding 9% on Monday 4. Recently, EOS buyers came out of the ‘crypt’ and pushed the price above $4.00. Moreover, the trend stepped above $4.5. However, EOS buyers lost their mojo short of $5.0.

In the last seven days, EOS was stable in a range between $3.4 and $3.8. The stability was largely depended on the low trading activity across the entire market. The 7-day stability culminated in declines start started during the Asian trading hours today. The declines could not be stopped by both the 50-day Simple Moving Average (SMA) and the 100-day SMA 4-hour chart. Besides, the 50% Fib level support did little to reverse the trend.

However, bulls found bearing at the 38.2% Fib level close to $3.2. At press time, EOS/USD is trading at $3.27 as buyers make attempts to retrace steps back to the levels above $4.0.

The declines have dealt a heavy blow to EOS bullish outlook. The hopes of touching $5.00 in the short-term have been ousted and what is left is to defend the key support at $3.0 and avoid more declines to $2.2 primary support.

EOS/USD 4-hour chart