The bears have regained control of the market and the prices of most cryptocurrencies have fallen more than 2% in the past 24 hours
The cryptocurrency market has resumed its bearish run after the bulls briefly took control yesterday. The prices of most cryptocurrencies have fallen by more than 2% in the past 24 hours. The bearish sentiment could extend well into the weekend, which could lead to further losses for most cryptocurrencies.
EOS price outlook
The EOS / USD 4-hour chart is currently sharply bearish and losses could spread over the next few hours. EOS is trading at $ 4.70 at the time of writing but could move towards the first major support level at $ 4.25 if current bearish sentiment persists. A prolonged sell-off of EOS could result in the cryptocurrency struggling to trade above the $ 4 mark over the weekend.
However, if the market reverses, EOS could attempt to break the initial resistance point at $ 5.23 and head towards the $ 5.66 level in the next few hours or days. The second major resistance level at USD 6.20 should limit further upward movement.
EOS / USD 4 hour chart. Source: https://www.tradingview.com/x/erm1Ew49/
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AVAX price outlook
Avalanche is the only bullish cryptocurrency among the three. The AVAX / USD 4 hour chart is currently bullish and its technical indicators such as RSI and MACD are in positive territory. If its current rally continues, the AVAX / USD pair could climb to initial resistance levels at USD 48.30 in the coming hours.
In the event AVAX experiences a longer rally, it could rise towards the second major resistance point at $ 55. However, if it succumbs to the bearish nature of the market, AVAX could lose its support at $ 43 and move towards the 200 simple moving average (SMA) at $ 35 per coin.
AVAX / USD 4 hour chart. Source: https://www.tradingview.com/x/o5DjzF92/
Price outlook for ENJIN coins
Enjin is in a similar position to EOS and his current outlook is pretty pessimistic. The ENJ / USD 4 hour chart is bearish as its technical indicators are in negative territory. ENJ could test the first major support level at $ 1.50 in the coming hours if current market conditions persist. However, the second major support level at USD 1.03 should limit further downward movement for the coin.
However, if the market rebounds like yesterday, the ENJ could attempt to test the first major resistance level at $ 1.99. An extended market rally could push ENJ towards $ 2.12.
ENJ / USD 4 hour chart. Source: https://www.tradingview.com/x/OqMaCqvU/