Technical outlook suggests bulls will struggle if price falls below the 20 EMA and 50 EMA
The EOS price has risen by 0.3% over the past 24 hours and is currently trading around $3.98, down 0.5% in the last hour.
EOS reached an all-time high of $22.71 on April 29, 2018. Despite a recent rally toward $14, the cryptocurrency has generally underperformed expectations since its market debut. According to data from CoinGecko, today’s price is approximately 82.5% below its highest recorded value.
With the broader market showing weakness, EOS faces the risk of further declines that could push the price even farther from its record high.
EOS Price Outlook
The daily chart shows continued downward pressure as market uncertainty increased after price failed to break above $4.30 and suffered a setback earlier in the week.
The cryptocurrency recovered somewhat after dipping to a low of $3.79 but stalled at $4.22, indicating the $4.10–$4.56 zone remains a critical area. A Doji candlestick formed on August 3 after another pullback, while price action that day hovered around $4.00 and the 50-day moving average near $3.90.
EOS/USD daily chart. Source: TradingView
Looking at technical indicators, the daily RSI has started to decline but remains above the neutral midpoint. The MACD still shows bullish momentum but has lost some strength, visible in the histogram.
If bulls can keep bears at bay and the day closes above the 50-day moving average, EOS/USD could continue following the ascending trendline that formed when price recovered from $3.10. That trend could give bulls a shot at the 200-day moving average near $5.00.
On the downside, the price may find support at the mentioned 50-day moving average and then at the 20 EMA around $3.75. Further support sits at $3.70, the 50% Fibonacci retracement level of the $3.10–$4.30 range.
If selling pressure intensifies, the price could move closer to $3.00.