- EOS slides below the support at $2.8 amid increasing selling activity.
- The rising wedge pattern hints further break down in the coming sessions, especially if the selling continues.
The crypto market is still bearish on Monday despite the weekend being lethargic. EOS, alongside other major cryptocurrencies, pressed down against key support levels all weekend-long. From trading highs above $2.8, EOS dived, smashing through the next support at $2.7.
The losses have crossed over to the new week, whereby the European session is characterized by increasing selling pressure. EOS is down 2% on the day after extending the lower leg from an opening value of $2.79 to the current market value of $2.74.
The 4-hour chart for EOS/USD shows the price trading between the moving average support and resistance. The 50 SMA is providing immediate support at $2.67 while the 100 SMA is standing in the way of upward movement a $2.86.
Meanwhile, if a reversal fails to occur in the near term and in lieu declines break the rising wedge pattern support, EOS could gravitate to the next support at $2.6. Glancing lower, more support expected at $2.4 and the recent low at $2.37. The various technical indicators, including the RSI and the MACD, suggests that EOS is prime for sideways trading.
EOS/USD 4-hour
![](https://editorial.fxstreet.com/miscelaneous/EOS_USD (17)-637108758149905380.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto community reacts to rumors Kamala Harris could make SEC Gensler Treasury Secretary
![Crypto community reacts to rumors Kamala Harris could make SEC Gensler Treasury Secretary](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
The crypto community reacted to a report on Monday alleging that Kamala Harris will likely nominate Securities and Exchange Commission Chair Gary Gensler as Treasury Secretary if elected. The report accompanies the Democratic National Convention.
Ethereum gas fees hit record lows as ETH attempts historical price move
![Ethereum gas fees hit record lows as ETH attempts historical price move](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ethereum/ethereum_XtraSmall.jpg)
Ethereum is down over 3% on Monday after posting weak flows across ETH ETFs and record lows in gas fees last week. The decline also coincides with ETH attempting to repeat a historical price move that it experienced in the last two years.
ADA slips out of top 10 cryptos, risk heavy correction as on-chain indicators turn bearish
![ADA slips out of top 10 cryptos, risk heavy correction as on-chain indicators turn bearish](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Cardano/Cardano_Coin_31_XtraSmall.jpg)
Cardano slipped out of the top 10 cryptocurrencies by market capitalization on Monday following a bearish signal across several of its on-chain metrics. ADA has largely underperformed in the current cycle compared to other altcoins, considering its price has been on a five-month decline since mid-March.
XRP Ledger sees big drop in transactions in 2024
![XRP Ledger sees big drop in transactions in 2024](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
Ripple trades at $0.5833 on Monday as the altcoin extends gains and recovers from the crypto market crash in early August. The Ripple stablecoin announcement, the Securities & Exchange Commission vs. Ripple lawsuit ruling and recent research reports published by SBI-owned HashHub are the key market movers for the altcoin this week.
Bitcoin: Signs of weakness persist
![Bitcoin: Signs of weakness persist](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Bitcoin/bitcoin_XtraSmall.jpg)
Bitcoin (BTC) trades above $58,000 on Friday after after testing and failing to overcome the resistance level around $62,000 earlier in the week. The risk-on mood returned to markets this week, Marathon Digital added 4,141 BTC worth $249 million to its holdings and the US SEC approved a MicroStrategy leveraged ETF, potentially giving investors more exposure to Bitcoin.