The EOS Technical Analysis highlights a selling opportunity to the sideline traders as the declining trend challenges the buyers at $1. The EOS price action shows the symmetrical triangle pattern fallout rally challenging the crucial psychological support level at $1. Currently, the daily candle struggles to avoid a fall under the support level with a lower price rejection. But how long will the buyers delay the fallout? Key Points: The EOS price action shows a falling trend reaching the $1 support level The bearish crossover in the MACD indicator warns of a bearish breakout The intraday trading volume in EOS is $269 million Source – TradingView EOS Technical Analysis Our previous price analysis warned that the increasing bearish influence led to a crucial support level breakout of 1.20. As a result, the declining trend approaches the essential psychological mark of $1. It accounts for a drop of 15% in a week. On 10th October, the 7.54% drop in market value with a spike in the intraday trading volume reflected a boom in underlying bearish sentiments. However, the lower price rejection in the daily candle showed a possibility of a bullish reversal with a morning star pattern. Therefore, the sideline sellers waiting to rise the bearish breakout rally must wait for the daily candle to close below the $1 support level. In such a case, a downtrend to the next support level of $0.85 seems impossible, accounting for a 15% decline in ...
