EOS Technical Analysis: EOS Buyers Struggle At $1.40 Resistance

The EOS price action showcases a bullish struggle to exceed the $1.40 resistance level. Will this struggle lead to a bullish failure? Key technical points: The EOS prices are down by 6.69% in the past 24 hours. The higher price rejection candles at $1.40 warn of a retracement to the $1.20 mark. The 24-hour trading volume of EOS is $391 Million, indicating a hike of 4.22%. Past Performance of EOS As predicted in our last analysis, the EOS prices break above the 100-day SMA to reach the horizontal level of $1.40. However, the daily candles showcase a higher price rejection for the past few days teasing a potential retracement to the support trendline at $1.20. The retracement may come as the bullish breakout of the horizontal level with increased chances of a bearish fallout. Source- Tradingview EOS Technical Analysis Today, the EOS prices are down by 6.12% leading to a long-wick formation in the daily candle, teasing a downtrend continuation if the selling pressure increases. Hence, traders looking for a buying spot should wait until the prices return to the $1.20 mark. As the market price sustains above the 100-day SMA despite the rejection from $1.40, the bullish influence over the 50-day SMA grows. Hence, the SMAs reflect a bullish turnaround in the underlying sentiments. The MACD indicator shows the fast and slow lines maintaining an uptrend with a constant bullish spread. However, the daily-RSI slope shows a lateral shift ...