EOS trades below $4 & $3.5 after facing a stringent resistance above $3.9 & $4, although, reclaimed a 5-month high. EOS is one of the top 15 cryptos of the market but is trading sideways whatsoever. However, the security trading sideways has been a question for token holders regarding profitability and margin. The answer to this question remains simple and explains why the token is one of the top 15 cryptos of the market even after being flat in the past five months against the greenback.
EOS the most scalable blockchain in the world, and eventually, BTC and ETH that are on the PoW bases will be mined and get tokenized onto the former. EOS token tested supports as low as $1.4 during the massive market crash in March and is currently below 50.0% Fib retracement level.
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EOS Price Faces Bearish Divergence
EOS on the above 24-hour chart is seen as weakening compared to the recent 5-year high hit around $3.9, and a stringent resistance is faced at $4. With intraday pullback, EOS has plummeted by 18% in 8 days after hitting the recent high until the time of writing. However, the coin retains support from 50-day and 200-day daily MA at $2.9 and $2.8 respectively on the daily chart.
Moreover, just when the coin had breached a 5-month high, EOS/USD had hit the upper 20-day Bollinger Band, and with the daily correction, it is back to trading within the range. But the 20-day Bollinger Bands do not exhibit nay trading extremities of an unprecedented volatile breakout in the near-term.
The MACD confirms the recent pullback of 18% below $3.5 as it draws a bearish divergence yet again after a flattish curve. The RSI of EOS is lying at 55.25 after having dropped from breaching above 70 due to recent correction in the past week. According to EOS price prediction, the coin might face a price decline over the next few days.
