- EOS/USD trends 3% lower on the day.
- EOS back in the 4th position as Litecoin slips back.
EOS two-day ballistic rise has slowed down opening the door for the bears to push for a retracement. The lower correction comes after EOS explored the territory above $3.0. Generally, the market is mixed red and green with EOS trending lower 3% on the day.
There has been a drop below the trendline support at $2.91. EOS/USD is dancing with $2.89 amid a growing bearish momentum. Eyes are set on the next support zone at $2.8. However, if the crypto fails to reverse at this point, $2.70 will come in handy.
All the technical indicators are pointing towards rising selling pressure. The Relative Strength Index (RSI) in the 1-hour range has retreated from the region above 70% and is on the verge of sliding into oversold zone. Still, on the same chart, the Directional Movement Index (DMI) is almost touching 0.0 to show that the bearish trend will continue in the short-term.
In terms of market capitalization, EOS market share has increased to surpass that of Litecoin (LTC). EOS is back in the fourth position with a market cap of $2.6 billion as per the data on CoinMarketCap. However, Litecoin is still closing in with a market share of $2.58 billion. It appears that this is just the beginning of the battle for the market’s fourth spot.
EOS/USD 1-hour chart
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