PrimeXBT is here again with another technical analysis overview, and today we are taking a look at EOSUSD.
News/Fundamentals:
The Republic of the Marshall Islands, which is home to around 50K people across 1,100 islands, is about to be the first country to launch a state-based crypto software. According to the white paper they released, it will be based on software similar to EOS.
Moreover, Weiss Ratings downgraded the rating of EOS cryptocurrency from “B” to “C-”.
The technical part of this analysis:
The crypto’s price dropped to the uptrend line within the descending channel.
If the price breaks the uptrend line and the previous swing low, a continuation of the downtrend will be confirmed and we’ll have to search for new buy opportunities based on its lower support zones.
The summary for EOS/USD based on the most popular technical indicators: Strong Sell.
Now, we should watch to see how its price reacts to the uptrend line and follow the clear market signals.
Support zone: $2.36—2.53
Market Cap: $2 405 797 264 USD
Volume (24h): $1 701 341 430 USD
Circulating Supply: 944 036 134 EOS
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EOSUSD tries to break through the support zone
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Today we observe the bearish divergence on RSI. Expected outputs: EOS's price is going to achieve the second support zone and rebound from it.