The cryptocurrency market is experiencing a mixed performance at the moment, with some coins performing well while others struggle
The general cryptocurrency market is experiencing a mixed performance at the moment. Some coins such as Solana and Polkadot have been rallying over the past few days, recording huge gains, while others like Bitcoin, Ether, Doge and XRP have been struggling to come out of their bearish cycle.
EOS also underperformed yesterday, losing 4.9% of its value to drop below the $5 mark. The losses continue today, with the cryptocurrency down by less than 1% over the past few hours. The bearish performance could continue with EOS and the broader cryptocurrency space over the next few hours until the bulls regain control of the market.
EOS price outlook
The EOS/USD 4-hour chart is looking bearish at the moment. However, EOS has started reversing the recent losses and is up by 0.05% over the past 1 hour. At time of writing, EOS is trading at $4.95 per coin.
The cryptocurrency needs to steer clear of the $4.90 pivot to allow it to make a move for the first major resistance level at $5. EOS has already broken past the $4.95 level and could attempt to reach Monday’s high of $5.08 in the coming hours. In the event of an extended cryptocurrency market rally, EOS could have enough in the tank to test the second major resistance level at $5.18.
EOS/USD 4-hour chart. Source: TradingView
The bears still control the market, and EOS could still underperform. Any drop towards the $4.90 pivot could expose the first major support level at $4.72. Unless the broader cryptocurrency market records further losses, EOS should steer clear of its second major support level at $4.62.
EOS’s technical indicators are all pointing to the bearish region at the moment. The RSI of 47.32 shows that EOS is edging towards the oversold region while the MACD line is also in bearish territory. However, strong performance over the next few hours could change the momentum and push EOS higher.
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Author: Hassan Maishera