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EOS/USD: Market plummets as bears deepen their stranglehold

FX Street
Updated:
  • EOS/USD fell by 9.4% going down from $3.60 to $3.29 this Monday.
  • Technical analysis indicates that market momentum has shifted towards the bearish zone.

EOS/USD markets fell from $3.60 to $3.29 as bears walloped the bulls this Monday. Holders are nursing losses of 9.4% as bulls need to rally back and reclaim the $3.40 resistance line. Technical indicators show that the market has shifted towards the bearish zone.

EOS/USD daily chart

The EOS/USD daily chart shows that the market has had a bearish breakout from the triangle formation this Monday. The market is trending below the 20-day simple moving average (SMA 20) curve, however, it is still trending above the SMA 50 and SMA 100 curves. The relative strength index (RSI) curve is creeping towards the oversold zone and the moving average convergence/divergence (MACD) histogram shows increasing bearish momentum.

The SMA 20 and SMA 50 curves have both crossed over the SMA 100 curve which is a definite buy signal. The buyers will need to reclaim the $3.40 resistance level to reverse market momentum.

 

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