EOS price analysis: EOS/USD angry bears shutter lifesaving support zones

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  • EOS has corrected lower on the day recording massive declines of 8.6%.
  • The digital asset rejected support accorded to it at $5.8 and $5.2.
  • The buyers have established another support at $5.0 and a bullish trend is rising up above this level.

It’s survival for the fittest when it comes to EOS price performance. The bulls trampled upon the bears toward the end of last week. I addition to that, they used the weekend to consolidate the gains above $5.6 denying the bears all opportunities for considerable slides. Nonetheless, the tables turned at the beginning of this week. The bears found an entry after the bulls failed to clear the resistance at $6.2. The current selling pressure has so overwhelming that the battered bulls have lost lifesaving support areas at $5.8 and $5.2 respectively.

EOS is down a whopping 8.6 percent on Tuesday, although it seems that the bulls have found bearing above $5.0. The sharp descent seems to have stopped and the buyers are fighting for their turn for a pullback above $6.0. In the meantime, they must clear the immediate resistance at $5.2 and the next supply zone resistance at $5.4.
EOS is trading below the 2-hour moving averages with the 100SMA limiting the gains at $5.51 while the 50SMA is a significant hurdle at $5.85. $6.0 is the upper medium-term supply and ultimate intraday resistance. The general trend is bearish at the time of press with Relative Strength Index (RSI) fighting to leave the oversold region.

EOS/USD 2-hour chart

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