EOS coin worth evaluation: EOS begins to decelerate, bears can take management of the wheel

  • EOS did a new ALL-TIME HIGH on April 3rd
  • Since then, EOS has cooled off and the price forms a bearish double-top pattern. The same scenario also occurred in February. Will this time be different?

EOS recently hit a new ALL-TIME HIGH of $ 6.53 and was immediately rejected, making a long wick in both the 4 hour timeframe and the daily timeframe. EOS has a strong support zone of $ 5.35 to $ 5.55. Current situations show bearish sentiment as a double top formation prepares to take action. However, the price could rebound from the aforementioned support zone. The volumes are average, which indicates that there are enough players in the market. The market cap and 24-hour volume of the coin are $ 8,967,488,477 and $ 453,700,586, respectively.

Will bears make it again?

On February 14, EOS hit its then ALL TIME HIGH of $ 5.66, but the price was immediately rejected and a double top formation brought the price down to sizable levels. However, after such a long period of consolidation, EOS broke out with the launch in April and made its new ALL-TIME HIGH. Even so, the bears crack again and repeat the past with the same pattern. EOS is close to completing a double top sample. However, the cutout is near a strong support zone which can help push the price back up.

If Double Top works, prices could drop around $ 4.92, and in an even worse scenario, they could drop to $ 4.43

The price is currently hovering above 50 EMA (green) and 200 EMA (black) with support at $ 5.26 and $ 4.45, respectively.

RSI is at 60, but there is something more important that RSI indicates. There’s a bearish divergence in the game which means RSI could work with bears for now.

Conclusion

EOS forms a crucial double-top pattern that could cost the price of a big downtrend ride. RSI also goes against the bulls for now. However, the support zone could help the price recover and fail all bearish plans. 50 EMA could also provide support. Since 200 EMA is pretty far from the price

Support: $ 5.35-5.55, $ 4.92, $ 4.43, and 50 EMA.

Resistance: $ 6.28

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