EOS Price Analysis: EOS/USD dips below the $4.50-level

• EOS/USD has encountered resistance at the SMA 20 curve.
• The MACD and Elliott Oscillator both indicate that the market sentiment is currently bearish.

EOS/USD daily chart

EOS/USD has dropped sharply from $4.59 to $4.38, going below the $4.50 psychological level in the process. While the price is still hovering above the SMA 50 and SMA 200 curves, the SMA 20 curve is acting as immediate market resistance. The MACD indicates increasing bearish momentum, while the Elliott Oscillator has had five straight red sessions. The RSI indicator has dipped from 50 to 45, which highlights the market’s bearish dominance.