Evmos Price Analysis: When Will EVMOS Crypto Reverse Its Bearish Rally?
- Evmo’s price has attempted to achieve sustainability below the symmetrical triangle pattern above the hourly chart.
- The EVMOS crypto has fallen below the 20, 50, 100 and 200-day daily moving averages.
- The pair of EVMOS/BTC is at 0.0001178 BTC with an intraday drop of 6.72%.
On the hourly price chart, the EVMOS coin price is moving sharply downwards. After a test of the $3.34 resistance level, the token began its bearish rally. The $3.34 resistance level for EVMOS cryptocurrency has been repeatedly breached as bulls failed to hold and as a result, EVMOS rallied bearishly. To stay at the current price, EVMOS needs to find new customers and it needs to work to keep alive the bullish trend of the coin. Investors in EVMOS need to watch for a big comeback and any directional change on the hourly chart.
EVMOS’s estimated current price is $2.09, while the previous day the market value fell by 8.05%. However, the trading volume slowly climbed by 11.35% during the intraday trade. This shows that the EVMOS coin market is not performing as expected even if buyers are lured into it, and the accumulation rate needs to be increased.
On the hourly price chart, the EVMOS coin price is moving sharply downwards. To reverse the trend of the EVMOS coin, the token needs to attract buyers. Meanwhile, the volume change is below normal and needs to be increased. Bulls on EVMOS need to speed up accumulation to prevent the token from plunging.
Technical indicators point to EVMOS being overbought
The declining speed of the EVMOS cryptocurrency is shown by technical indicators. The relative strength index shows downward movement of the EVMOS coin. The RSI is circling within the overbought zone at 22, which is 22. EVMOS coin’s negative momentum can be seen on the MACD. While waiting to cross over to the positive side, the MACD line is located below the signal line. Investors in EVMOS must keep an eye on the hourly chart for any trend changes.
Conclusion
On the hourly price chart, the EVMOS coin price is moving sharply downwards. After a test of the $3.34 resistance level, the token began its bearish rally. The $3.34 resistance level for EVMOS cryptocurrency has been breached repeatedly as bulls failed to hold and as a result, EVMOS rallied bearishly. To stay at the current price, EVMOS needs to find new customers and it needs to work to keep alive the bullish trend of the coin. Meanwhile, the volume change is below normal and needs to be increased. Bulls on EVMOS need to speed up accumulation to prevent the token from plunging. The MACD line is below the signal line and is waiting to cross over to the positive side. Investors in EVMOS need to watch the hourly chart for any direction changes.
Technical levels
Support levels: $2.00 and $1.95
Resistance levels: $2.50 and $3.00
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
