Bears have regained control of the market and prices for most cryptocurrencies have fallen more than 2% in the past 24 hours
The cryptocurrency market has returned to a bearish trajectory after bulls briefly took control yesterday. Prices for most tokens dropped by more than 2% over the past 24 hours. This bearish sentiment could persist into the weekend and may cause further losses across the market.
EOS: Price outlook
The 4-hour chart for the EOS/USD pair currently appears strongly bearish and losses may extend in the coming hours. EOS is trading at $4.70 at the time of writing, but it could slide toward the first key support level at $4.25 if the current downside momentum continues. A prolonged sell-off could make it difficult for EOS to trade above the $4 threshold over the weekend.
On the flip side, if the market shifts and buying returns, EOS could attempt to overcome the first resistance near $5.23 and head toward $5.66 in the coming hours or days. The next significant resistance level at $6.20 would likely limit further upside.
4-hour EOS/USD chart. Source: https://www.tradingview.com/x/erm1Ew49/
See our guide on how to buy EOS on our site.
AVAX: Price outlook
Avalanche stands out as the only bullish asset among the three. The 4-hour chart for AVAX/USD is currently bullish, and technical indicators like the RSI and MACD sit in positive territory. If the current uptrend continues, AVAX/USD could push toward the first resistance at $48.30 in the coming hours.
With an extended advance, AVAX could climb higher toward the next major resistance near $55. However, if it succumbs to broader market weakness, AVAX may lose support at $43 and move down toward the 200-period simple moving average around $35 per coin.
4-hour AVAX/USD chart. Source: https://www.tradingview.com/x/o5DjzF92/
ENJIN: Price outlook
Enjin’s outlook mirrors EOS in that its near-term bias is bearish. The 4-hour chart for ENJ/USD shows bearish pressure as technical indicators sit in negative territory. ENJ could test the first key support at $1.50 in the coming hours if current market conditions persist. The second important support near $1.03 should act as a stronger floor against further declines.
Conversely, if the market stages a recovery similar to yesterday’s rebound, ENJ could attempt to test the initial resistance level at $1.99. A sustained market rally might push ENJ further toward $2.12.
4-hour ENJ/USD chart. Source: https://www.tradingview.com/x/OqMaCqvU/