EOS Network, a preferred open-source blockchain platform prioritizing excessive efficiency and safety, has just lately witnessed a pointy worth decline. The asset displays bearish sentiment within the 30-Day timeframe.
The EOS worth is down by 14.19% in its one-month knowledge from CoinMarketCap. This means that the bears have managed the market for the reason that final 30 days buying and selling session. This shift in market sentiment raises questions on what lies forward for EOS.
EOS Faces High Bearish Momentum, Further Price Decline, or Potential Reversal?
The bearish sentiment and the lack of management by the bulls have had a noticeable impact on EOS’s worth. The cryptocurrency has skilled a downward development, with declining buying and selling volumes and elevated promoting strain.
Notably, the 24-hour buying and selling quantity is declining by 13.29% as we speak, May 29, 2023, and its market cap is down by 1.32%. As of the time of writing, the value of EOS is down by 1.28%, at $0.89.
This development displays a shift in market dynamics as traders grow to be extra cautious and begin to promote their EOS holdings.
Despite the prevailing bearish sentiment, potential catalysts may alter the trajectory for EOS. On May 26, the EOS community shared potential bullish news about its partnership with Hypha DAO and an initiative dubbed Beta Program.
EOS community claims that the Beta program will supply a spread of pre-configured templates designed to satisfy totally different corporations’ wants and aims. Generally, this information could result in a constructive market impression on the EOS worth and market sentiment.
EOS’s constructive improvement and partnership can appeal to new patrons and improve demand, rising costs. Also, Fear of Missing Out (FOMO), a psychological phenomenon, can create a shopping for frenzy and drive the value even increased rapidly.
EOS Price Formed Double Bottom Pattern
In that sense, the EOS/USDT has fashioned a double-bottom chart sample, suggesting a possible uptrend motion quickly. The double backside sample is a bullish reversal sample that sometimes kinds after a chronic asset worth decline.
Confirming the double backside sample happens when the asset’s worth breaks above the resistance stage fashioned by the height between the 2 bottoms. This breakout confirms the reversal sign and suggests the next chance of an upcoming uptrend.
EOS has an vital resistance stage at $0.931, which represents a major blockage for doable bullish motion.
Bollinger Bands and MACD Signal Potential Trend Reversal
The asset is at present oscillating between the higher band and center band of the Bollinger Band indicator. This suggests a rise within the shopping for strain and a rising bullish momentum.
In addition, the Moving Average Convergence/Divergence (MACD) is at present above its sign line, suggesting bullish momentum. This signifies that the patrons are steadily taking on the market, and there may be a possible development reversal quickly.
As seen within the chart above, the histogram is above zero and has sturdy inexperienced bars, additional confirming the bullish sentiment out there.
Featured picture from Pixabay and chart from TradingView