- EOS token price undergoes a second wave of consolidation during the correction phase of the Elliot wave.
- The coin price struggles between 50 and 200 EMA in the daily timeframe.
- The EOS/BTC pair trades at 0.0001696 BTC with a negligible intraday fall of 0.42%.
EOS token price declines as it struggles to break the 200 EMA in the 4-hour timeframe. The rejection from the $14.8 level has resulted in the prompt start of the downtrend. The coin price saw an increase in the buying volume but no noticeable rise coupled with it.
EOS projects a descending triangle as well. Presently, the token trades at $6.43, with a 24% fall in the intraday trading volume. The Volume to Market Cap ratio is 0.3135. The coin ranks at position 23 as per the market cap.
EOS Token Fall Continues Under The Corrective Phase of Elliot Wave
The 4-hour technical chart of EOS projects the corrective phase of the Elliot Wave Pattern. The crypto asset has fallen more than 60%, currently in the corrective phase. Presently, the coin price is under the second wave of consolidation, which might continue into the inevitable fall. The support levels of $4.3 and $3.3 are below the consolidation range. Whereas the resistance level of $8.5 waits above the range.
The coin price struggles between the two critical EMAs- 50 and 200. The EMAs recently gave a death cross signal, but the price instantly went into consolidation. Death cross might influence the trend after accumulation leading to further downfall.
The relative strength indicator (neutral), with a value of 47, moves sideways for now, just below the overbought zone.
Conclusion – The consolidation range might soon give a fallout as intimated by the technical indicators. Downtrend might halt near the $4.3 level after the fallout. The slim chances of upside breakout still exist. However, the resistance level near $8.5 might push it back down.
Support: $4.3 and $3.3