Ethereum

Resistance

Time

Daily

<ul class="list-ic vertical">
 <li>1 <a>The EOS asset is displaying more bearish characteristics and can reduce its price more.</a></li>
 <li>2 <a>The EOS crypto seems like is set for an upcoming dismal plunge.</a></li>
</ul>
EOS Network is an open-source blockchain-based platform and delegated PoS network. It majorly aids the development, hosting, and execution of decentralized applications.
The EOS platform objects to give swifter transaction processing times, a more user-friendly interface, and the ability to host a large number of Dapps simultaneously.
EOS was made to solve the scalability and usability issues countered by many blockchain-based systems in the crowd that came in the last decade, particularly the Ethereum network.
Overall, EOS’s objective is to foster a scalable, relatively user-friendly platform for innovative developers to create their amazing work to develop delegated applications.
EOS is the native cryptocurrency asset of the EOSIO blockchain platform, which was introduced in 2018 after an ICO (initial coin offering) that surged $4.1 Billion.
Initially, EOS tokens were based on the Ethereum blockchain, but later the EOS mainnet was launched, and EOS tokens were moved to the new EOSIO blockchain.
In general, EOS also has an excellent governance system that utilizes an empowered and decentralized proof-of-stake consensus algorithm, enabling token holders, which are its users, to vote for block producers who are obligated to authenticate transactions on the network.
EOS token is availed to power the EOSIO software and pay for transaction fees and resources on the EOS network.
<h2 class="wp-block-heading" id="strong-eos-crypto-price-in-the-daily-time-frame-strong">EOS Crypto Price in the Daily Time Frame</h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/u5FYV_SMcqVGrsSpnEOcQSp6tgGaTrpFhyt4Sp_ok46UJiiYvBJGKqNHTUhiVYojr6CM9G5VtVgyjEkc_don_yebxdtRZba5gFtZAKpUDwtGQW4S3taBoIMznXtVzlQK4lere_iZe1lTKRHhWYOoi08" alt="Is EOS Crypto Price About To Plummet in the Coming Sessions?">
 <figcaption class="wp-element-caption">
 Source: EOS/USD: BITFINEX.1.D. by TradingView
 </figcaption>
 </figure>
</div>
The <a href="https://www.thecoinrepublic.com/2024/01/17/optimism-price-prediction-will-op-price-reach-to-the-10-level/" target="_blank" rel="noopener noreferrer nofollow">EOS crypto price</a> action is below the major supply region and has been deprived by regularly following the trendline resistance. The EOS asset is displaying more bearish characteristics and can reduce its price more. Furthermore, it has shown bad performance in the past month by 4.84% and has been indicating a consistent downward trend from last year by 26.51%.
Since the EOS crypto has shown a sign of weakness as the price retreated from a critical level of around $0.8850 on the charts, it is possibly believed that the price might break down more.
The EOS crypto is set to plunge soon as it failed to break the major resistance level. It is making lower lows on the daily chart and following the rejection with utmost sincerity.
The EOS asset is demonstrating bearish weakness and downward momentum as the price sank below major 20, and 50-day EMAs.
Moreover, the EOS asset is exhibiting bearish weakness as MACD shows a bearish cross and the RSI is below 50, implying that the asset is still in bearish territory and can sink further down.
The current market price is at $0.7622 with an intraday loss of 1.71%, the 24-hours volume is 104.946 Million.
Therefore, as per the price action, the forecast could be based on the major trend and major swings. Since the major trend is bearish, the price is likely to go down. On top of that, if the price slips from the immediate support, then the major support could be $0.7000. However, if it does manage to survive above the immediate level and rises with the buyers, the next possible resistance could be $0.9000.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/ryZnelPmIv9u3WVNbctpDmXqKbjUZXNlcxyjpAaC-8xD9oMKn3KoeU49UYMUpg4QJ_Yb9WCQLhHenykKhIFOGuhRHCVqhxhMZp_inCQ4Q9L89-2Tm6jzC5hZNO9Seu87O8uJmZ16oWyssSIiz6y4fnU" alt="Is EOS Crypto Price About To Plummet in the Coming Sessions?">
 <figcaption class="wp-element-caption">
 Source: EOS/USD: BITFINEX.1.D. by TradingView
 </figcaption>
 </figure>
</div>
<h3 class="wp-block-heading" id="strong-summary-strong">Summary</h3>
EOS is currently showing signs of a bearish trend and its price may decrease further. Additionally, there is a possibility that the price may drop more as it has already fallen below the key 20 and 50-Day EMAs. The MACD indicator indicates a bearish cross, and the RSI is below 50, suggesting that the asset is still in a bearish territory. Technical Levels
Support Levels: $0.7000
Resistance Levels: $0.9000
<h4 class="wp-block-heading">Disclaimer</h4>
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Is EOS Crypto Price About To Plummet in the Coming Sessions?

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