EOS Technical Analysis: 50-day EMA Holding Under Pressure

EOS coin price falls sharply after retesting the consolidation breakout to reach the 50-day EMA. Will the downfall continue to reach $2? Key technical points: A bullish crossover is seen in the MACD indicator. In addition, the 50-day EMA gives support to the falling prices. Finally, the 24-hour trading volume of EOS is $879 Million, marking a 40% fall. Past Performance of EOS EOS coin price action break below the consolidation formed between the $2.7 and $2.95 levels, as mentioned in our previous article. The downfall shows a V-shaped reversal after falling 25% in a week to reach the $2.15 mark. The bullish reversal rally retests the consolidation range and clings to the 50-day EMA to float above $2.50. Source-Tradingview EOS Technical Analysis EOS coin price shows a post-retest reversal with a solid bearish engulfing candle formed yesterday, accounting for a 9.32% fall. The bearish candle creates an evening star pattern indicating a potential fall to $2. The bearish alignment of the daily EMAs (550, 100, and 200) provides dynamic resistance to keep the bullish growth in check except for the 50-day EMA. The 50-day EMA keeps the price above the $2.50 mark and increases the price. RSI Indicator: The RSI slope grows above the 14-day average and surpasses the halfway line reflecting a gradual rise in the underlying bullishness. Moreover, the last two dips at the 50-day EMA showcase a bullish divergence. MACD Indicator: The MACD an...