EOS fell 10% on Friday, the largest one-day percentage fall since November 9,2023
EOS price extends its fall after setting the high of $1.3406 on March 3. In today’s session, the EOS price was higher but the bulls could not sustain the gains and slid lower near a significant horizontal support level.
EOS coin price has been under selling pressure for the past few sessions. As of writing, EOS/USD is exchanging hands at $1.0209, down 3.33%. As per the recent price action, the EOS price is near a critical price structure.
EOS harnesses exponential growth from the lows of $0.8306 made on December 19. The price appreciated nearly 62% to the recent high. However, after making the highest point in 2023, the EOS price retraced sharply and smashes the critical 21-day and 50-day Exponential Moving Average (EMA) crossover. This means sellers are quite aggressive in their selling actions.
Currently, the EOS price is taking support around the short-term horizontal support zone that extends from October 2022.
What’s Next For Price
If the selling pressure persists then the price could breach the $1.0190 level. If this occurs, the gate will be open for lower levels. Investors could further liquidate their holdings amid a fearful market sentiment.
On the lower side, the next downside target could be found near the low of January 19 at $0.09548.
The daily RSI (14) reads at 37. The momentum oscillator is still far from the oversold market structure. Any downtick in the indicator means the downside momentum will continue further.
On the other hand, a rebound in the market sentiment and buying participation near the support levels could see the EOS price move back toward the 50-day EMA at $1.1209.
