EOS has a lower trend on the 1 hour chart and may be needed for a quick fix.
EOS has formed lower highs to operate below a declining trendline so far this week. The price also fell recently thanks to the short-term support around 4.8000 to signal an increase in sales pressure.
It is finding support around the 4,100 area, however, so a withdrawal could be in order. The application of the Fibonacci retracement tool shows that the 61.8% level not only aligns with the previous support but also with the resistance of the downtrend.
If any of the Fib levels keeps gains under control, EOS may return to low or lower oscillation. The 100 SMA is still below the 200 long-term SMA to indicate that the path of least resistance is downward. In other words, the downward trend is more likely to resume rather than reverse
EOS has adhered to most of its cryptocurrency pairs in the last selloff as this altcoin is also giving to do for more positive updates. One of these could be the hackathon coming to San Francisco from 10 to 11 November as the event would put the EOS developments under the spotlight.
So far, EOS has dropped about 10% to begin the week as risk aversion in the world financial markets have been at stake. Although there is some demand for alternative activities in the wake of turbulence in Turkey, it seems that most of the gains have been taken by bitcoins.
However, EOS continues to attract new DApps that were initially on the Ethereum platform and may even be trying to change the mind of new ones who are trying to develop on Ethereum's 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 development of the Chinese information industry (CCID), has ranked EOS once again in number one position