EOS Price Loses Another Support; Are We Revisiting $0.88 Mark?

Amid the ongoing uncertainty in the crypto market, the EOS coin price is trying to sustain below the recently breached $1.1-1.05 support level. Moreover, a low volume retest to the flipped resistance indicates weakness in the buyer's commitment.

Timeline of Eos

On Wednesday, September 21, the EOS community announced a major upgrade that would see it become independent and a fully self-sustained platform. The community will become more decentralized following a consensus upgrade to Antelope Leap 3.1.

A community driven fork of the EOS blockchain's code adopted by block producers who manage the network will sever ties to former network code custodian Block.one. The post EOS Antelope Protocol update severs network's ties to Block.one and Bullish appeared first on The Block.

Today the EOS/USDT pair is down 3% as it retests the breached resistance of $1.58. Reclaiming this barrier suggests the end of the last correction phase, and the new cycle could surpass the high swing resistance of $1.9.

To those inside the Web3 arena, the EOS story is well known. It's a story about how EOS founders, Block.one raised a huge amount of funding for what was meant to be an incredible POS blockchain, with everything going for it, and then completely neglected it.

The Bitcoin Hash Ribbons indicator has been flagged, and this indicator identifies periods where Bitcoin miners are forced to turn off due to a price drop. The underlying logic is that when miners are unprofitable due to the price of Bitcoin being at a major low, it offers long-term investors a brilliant buying opportunity.

The EOS/USDT pair failed to give a bullish breakout of a rounding bottom pattern due to the increased selling pressure at the $1.89 supply zone. However, the price action displays the underlying bullish sentiment is preparing a trend reversal with a cup and handle pattern.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice The recent bullish crossover on the 20 EMA (red) and the 50 EMA (cyan) came to fruition after EOS's side-channel (yellow) breakout. The resultant growth entailed a position above the near-term EMAs.

In the big picture, the EOS/USDT pair chart shows an evident rounding bottom recovery in the daily time frame. This pattern usually appears at the market bottom to indicate a new uptrend.

While EOS (EOS) is still trading inside a crucial long-term resistance level, there are several signs in various time frames that suggest a breakout is expected. The post EOS (EOS) Pumps by More Than 30% in a Day appeared first on BeInCrypto.

Monday saw eos remain in the green, despite the latest red wave in cryptocurrency markets. Today's rally sees the token move almost 20% higher in the last seven days. Flow, on the other hand, extended its recent declines and is now down by almost 30% in the same period.