EOS Price Analysis: The short-term bearish trend is obvious and market sentiment is bearish

EOS is currently trading at $0.4944, depreciating 1.62% on the day, showing that the cryptocurrency is in a downward channel. Despite early bullish signs, the strength of shorts has increased significantly today, with selling activity far exceeding buying, exacerbating the market's bearish sentiment.

The 1-day chart shows that EOS has broken below key support below $0.4944, confirming the short-term bearish trend. The Bollinger Bands indicator shows that market volatility has narrowed, with the upper track ($0.5658) forming resistance and the lower track ($0.4271) serving as current support. The RSI indicator is located in the lower neutral zone (45.07) and continues to decline, further confirming the pessimism of market sentiment.

The 4-hour chart is equally pessimistic, with EOS/USD continuing to move lower and bears firmly in control of the market. The Bollinger Bands narrowed, with the upper track ($0.5110) acting as resistance and the lower track ($0.4813) supporting, but the overall trend is downward. The RSI indicator is hovering around 48.59 and continues to decline, indicating that trader confidence is weakening and the bearish trend is solid.

To sum up, EOS is dominated by short sellers in the short term and market sentiment is bearish. Investors need to operate with caution and pay attention to the effectiveness of support levels and potential reversal signals.

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