EOS Breaks Downward Trend as Market Leader Bitcoin [BTC] Finds Support
The cryptocurrency market has been experiencing extremely bearish market movements over the past month. The market leader Bitcoin is now meeting support at $3300, and it is having a corresponding impact on major altcoins such as EOS. Bitcoin has now tested $3300 on numerous occasions but has failed to break sharply below. A quick recovery has followed any move below this level.
The price of EOS had been consolidating around $5.4 prior to the bearish declines which took place across the market. EOS entered a steep downtrend sparked by these bearish movements and had failed to close outside of the downward sloping trendline until recently.
Bitcoin meeting support is likely to have been the major factor at play in EOS breaking out of its trend. Bitcoin holding support was corresponded with EOS beginning to trade sideways as opposed to continuing its decline. Price currently trades around $2 and may form a range between $1.7 and $2 until a clear market direction is established.
The hourly chart shows the interaction of price with the downward trendline in further detail. After numerous tests, price managed to break of the downward trend line and has since risen to $2. Whether it has sufficient momentum to close above $2 on the daily chart remains to be seen. A clear rise above $2 on the hourly chart would be a bullish sign for the price.
- Major altcoins such as EOS performing better since Bitcoin met support at $3300.
- EOS has broken from a steep downtrend it has been forming since the bearish conditions hit the market.
- EOS may now be forming a range from $1.7 to $2, and it remains to be seen whether the recent bullish movements can bring EOS to close above the $2 mark on the daily chart.
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