EOS has steadily fallen since its August 22 all-time record high. From March through June, the crypto market crashed but it has recovered since then. The market crisis has a lingering impact on modern investing.
Coingecko reports that the token’s value has increased by 0.2% in the last 24 hours. The currency gained in value even at shorter intervals like the week and the biweek.
However, the downtrend has not been slowed by these improvements. EOS investors and traders may still have reasons to believe in the future.
September’s Stress Factor
EOS has been buoyed up by the $1.0055 region, which has slowed its fall since last month. The ongoing downturn is influencing the current price movements of EOS tokens.
The right side of the right triangle acts as a liquidity pool, and this is reflected in the coin’s price action as a XABCD harmonic pattern. The trend could turn bullish if traders and investors buy the dip.
Chart from TradingView
The technicals are also lacking. CMF’s current negative reading indicates that bears have control over the market. This counterbalance is undoubtedly formidable to any potential bullish trend.
It will prove difficult to get over the immediate resistance at the level of 61.80 Fibonacci Retracement.
Are You Not Looking Great?
EOS’s predicament does not bode favorably for the alternative cryptocurrency. Investors and traders have the opportunity to leverage a rising RSI which signals increased investor optimism.
Chaikin’s money flow index indicates that the token is gaining ground. The emerging upswing was reflected in the rejection of bears at $0.9422 prices.
The Stoch RSI has risen to the overbought end of its indicator as of this writing. This indicates that the market will correct in response to the current rally.
EOS tokens are a great investment option for investors and traders looking to diversify their portfolios. Just last month, the cryptocurrency exchange PayBito added EOS to its list of tradable tokens, expanding EOS’s reach.
EOS prices can be affected by macroeconomic factors. This is something investors should consider. There is a strong correlation between EOS prices and Bitcoin at 0.77.
Featured image from Investment U, Chart: TradingView.com| Featured image from Investment U, Chart: TradingView.com Disclaimer: This analysis is solely based upon the author's own knowledge.