EOS Underperformance Accelerates With Steep Downtrend
EOS has heavily depreciated since its mainnet launch on the 14th of June where it traded around $10.50. The EOS token for the blockchain aimed at being a key competitor to Ethereum currently trades around $1.8.
The price of EOS consolidated leading up to mid-November around $5.4. Extremely bearish market conditions then overswept the market and EOS had been trading aggressively downwards since. The decline has been forming a steep downward trend line making it likely that the depreciation will continue. The RSI and MACD are decreasing showing momentum on the side of sellers.
The hourly chart shows the downward trendline in closer detail. While the price has briefly traded outside of the trend line, it quickly turns back inside and continues its downward movements. Momentum is also on the side of sellers on the shorter-term hourly timeframe with both the hourly RSI and MACD also decreasing.
The outlook for EOS is extremely bearish, and it is likely to underperform other cryptocurrencies if prices in the market continue to decline.
- EOS has severely declined since its mainnet launch in June.
- EOS consolidated coming into mid-November but entered a steep downtrend as bearish market conditions overcame the market.
- Strong seller momentum on both the daily and hourly chart.
- EOS is likely to continue its downward movements and underperform other cryptocurrencies.
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