{"id":176157,"date":"2023-05-29T19:39:05","date_gmt":"2023-05-29T19:39:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=176157"},"modified":"2023-05-29T19:39:05","modified_gmt":"2023-05-29T19:39:05","slug":"bearish-sentiment-hits-eos-as-bulls-lose-control-what-lies-ahead","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bearish-sentiment-hits-eos-as-bulls-lose-control-what-lies-ahead\/","title":{"rendered":"Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?"},"content":{"rendered":"<p><span>EOS Network, a popular open-source blockchain platform prioritizing<\/span><span> high performance and security, has recently witnessed a sharp price decline. T<\/span><span>he asset exhibits bearish sentiment in the 30-Day timeframe.\u00a0<\/span><\/p>\n<p><span>The EOS price is down by 14.19% in its one-month data from <\/span><span>CoinMarketCap<\/span><span>. This suggests that the bears have controlled the market since the last 30 days trading session. <\/span><span>This shift in market sentiment raises questions about what lies ahead for EOS.\u00a0\u00a0<\/span><\/p>\n<h2>EOS Faces High Bearish Momentum, Further Price Decline, or Potential Reversal?<\/h2>\n<p><span>The bearish sentiment and the loss of control by the bulls have had a noticeable effect on EOS&#8217;s price.\u00a0<\/span><span>The cryptocurrency has experienced a downward trend, with declining trading volumes and increased selling pressure.\u00a0<\/span><\/p>\n<p><span>Notably, the 24-hour <\/span><span>trading volume<\/span><span> is declining by 13.29% today, May 29, 2023, and its market cap is down by 1.32%. <\/span><span>As of the time of writing, the price of EOS is down by 1.28%, at $0.89.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/EOSUSDT_2023-05-29_20-44-30-860x471.png\"><\/p>\n<p><span>This trend reflects a shift in market dynamics as investors become more cautious and start to sell their EOS holdings.<\/span><\/p>\n<p><span>Despite the prevailing bearish sentiment, potential catalysts could alter the trajectory for EOS. <\/span><span>On May 26, the EOS network shared potential <\/span><span>bullish news<\/span><span> about its partnership with Hypha DAO and an initiative dubbed Beta Program.\u00a0<\/span><\/p>\n<p><span>EOS network claims that the <\/span><span>Beta program<\/span><span> will offer a range of pre-configured templates designed to meet different firms&#8217; needs and objectives. <\/span><span>Generally, this news may lead to a positive market impact on the EOS price and market sentiment.<\/span><\/p>\n<p><span>EOS&#8217;s positive development and partnership can attract new buyers and increase demand, increasing prices. <\/span><span>Also, Fear of Missing Out (FOMO), a psychological phenomenon, can create a buying frenzy and drive the price even higher quickly.<\/span><\/p>\n<h2>EOS Price Formed Double Bottom Pattern<\/h2>\n<p><span>In that sense, the EOS\/USDT has formed a double-bottom chart pattern, suggesting a potential uptrend movement soon. <\/span><span>The double bottom pattern is a bullish reversal pattern that typically forms after a prolonged asset price decline.<\/span><\/p>\n<p><span>Confirming the double bottom pattern occurs when the asset&#8217;s price breaks above the resistance level formed by the peak between the two bottoms.\u00a0<\/span><span>This breakout confirms the reversal signal and suggests a higher probability of an upcoming uptrend.<\/span><\/p>\n<p><span>EOS has an important <\/span><span>resistance level<\/span><span> at $0.931, which represents a significant blockage for possible bullish movement.<\/span><\/p>\n<h3>Bollinger Bands and MACD Signal Potential Trend Reversal<\/h3>\n<p><span>The asset is currently oscillating between the upper band and middle band of the <\/span><span>Bollinger Band<\/span><span> indicator. <\/span><span>This suggests an increase in the buying pressure and a rising bullish momentum.<\/span><\/p>\n<p><span>In addition, the <\/span><span>Moving Average Convergence\/Divergence<\/span><span> (MACD) is currently above its signal line, suggesting bullish momentum. <\/span><span>This indicates that the buyers are gradually taking over the market, and there might be a potential trend reversal soon.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/05\/Screenshot-2023-05-29-204248-860x377.png\"><\/p>\n<p><span>As seen in the chart above, the histogram is above zero and has strong green bars, further confirming the bullish sentiment in the market.<\/span><\/p>\n<p>Featured image from Pixabay and chart from TradingView<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/news\/eos\/bearish-sentiment-hits-eos-as-bulls-lose-control-what-lies-ahead\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EOS Network, a popular open-source blockchain platform<\/p>\n","protected":false},"author":3,"featured_media":176156,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead? 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