The cryptocurrency market is currently experiencing mixed developments, with some coins doing well while others struggling
The general cryptocurrency market is currently experiencing mixed developments. Some coins like Solana and Polkadot have rallied and posted huge gains in the past few days, while others like Bitcoin, Ether, Doge and XRP have struggled to get out of their bearish cycle.
EOS also underperformed yesterday, losing 4.9% of its value and falling below the $ 5 mark. The losses continue today, with the cryptocurrency falling less than 1% in the past few hours. With EOS and the broader cryptocurrency space, the bearish performance could continue for the next few hours until the bulls regain control of the market.
EOS price outlook
The 4-hour EOS / USD chart looks bearish right now. However, EOS has started to reverse recent losses and is up 0.05% in the past 1 hour. At the time of writing, EOS is trading at $ 4.95 per coin.
The cryptocurrency needs to stay away from the $ 4.90 pivot in order for it to move to the first major resistance level at $ 5. EOS has already passed the $ 4.95 mark and may attempt to hit Monday’s high of $ 5.08 in the coming hours. In the event of an extended rally in the cryptocurrency market, EOS could have enough in the tank to test the second major resistance level at $ 5.18.
EOS / USD 4 hour chart. Source: TradingView
The bears still control the market and EOS may still underperform. Any decline towards the $ 4.90 pivot could reveal the first major support level at $ 4.72. Unless the broader cryptocurrency market continues to decline, EOS should avoid its second major support level at $ 4.62.
EOS technical indicators are all currently pointing to the bearish area. The RSI at 47.32 shows that the EOS is trending into the oversold territory while the MACD line is also in the bearish territory. However, strong performance over the next few hours could change the momentum and drive EOS higher.