EOS has formed lower highs to trade below a descending trend line so far this week. Price also recently fell through near-term support around 4.8000 to signal a pickup in selling pressure.
It is finding support around the 4.1800 area, though, so a pullback may be in order. Applying the Fibonacci retracement tool shows that the 61.8% level not only lines up with the former support but also with the descending trend line resistance.
If any of the Fib levels keep gains in check, EOS could fall back to the swing low or lower. The 100 SMA is still below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse.
EOS joined most of its cryptocurrency pairs in the latest selloff as this altcoin is also holding out for more positive updates. One of these could be the hackathon coming up in San Francisco in November 10-11 as the event would put the spotlight on EOS developments.
So far, EOS is down roughly 10% to start the week as risk aversion in the global financial markets has been in play. Although there is some demand for alternative assets in the wake of the turmoil in Turkey, it appears that most of the gains have been taken by bitcoin.
Nonetheless, EOS continues to attract new DApps that were initially on the Ethereum platform and might even be looking to change the minds of newer ones that are looking to develop on the Ethereum blockchain.
@MeetDotOne – an EOS-centric account – tweeted a list of DApps now available on the EOS platform. It also helps to remember that the Chinese government, through the China Electronic Information Industry Development (CCID), has ranked EOS in the number one position once more.