EOS fell below its major support level at $2.7537 after meeting strong resistance at $2.83
EOS has struggled to sustain a meaningful upward move in recent trading sessions, registering less than a 1% gain since Sunday.
Although it closed last week up more than 5% at $2.814, bears have gradually pushed back, leaving the cryptocurrency down about 3.57% on the weekly charts.
EOS is currently trending lower on both daily and weekly charts—similar to most of the top ten altcoins, including Ethereum, XRP, Bitcoin Cash and Litecoin. Only Cardano, which has seen a recent rally, remains in positive territory on the weekly timeframe.
Bears threaten the EOS/USD pair
At the time of writing, bears are encroaching into bullish territory as the token’s price has slipped 1.55% to trade around $2.74.
EOS began Tuesday’s Asian trading session with an intraday high of $2.809. Sellers triggered a reversal at the key resistance near $2.819, driving the price down to an intraday low of $2.65.
This decline shows EOS has failed to break above the $2.832 threshold since Sunday. For now, the EOS/USD pair is likely to turn $2.819 into a major resistance level, and trading below that area could keep the token rangebound over the coming days.
That outcome is undesirable for bulls, as recent selling pressure has aimed to keep prices under $2.80. The current price action indicates EOS has lost its first significant support around $2.79, and a swift rebound is needed to prevent further declines.
If bulls cannot regain control, a bearish trend could push EOS lower toward $2.61 or below.
Conversely, if bulls hold above $2.80, a rebound could form a base for another attempt at $2.832. Success at that critical level would give bulls the momentum to target $3.00, with $3.881 representing the next significant resistance zone.
What’s next for EOS price?
For the remainder of the day, EOS bulls need to reclaim $2.819 to open the door for a potential rally toward the $2.84 resistance level.
To make that scenario more likely, buyers must also establish support around the $2.61 pivot and then consolidate above $2.82. If bears take control and turn $2.61 into resistance, a further breakdown could see the top-10-ranked cryptocurrency fall to around $2.33.
For additional information on acquiring EOS, consult the relevant buying guides provided by reputable sources.