EOS hit a key roadblock – Can shorting yield profit?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Despite outperforming the crypto market, the uptrend of EOS [EOS] could slow. EOS was an outlier, at the time of writing, after posting a 7.5% hike in the past 24 hours as the crypto sector declined by 3.5%, according to Coinmarketcap. However, the uptrend momentum could slow because EOS reached a crucial overhead resistance level. 

Read EOS Price Prediction 2023-24

EOS’s strong recovery in March was partly boosted by the planned launch of an EVM scheduled for April 14, 2023. Yves La Rose, CEO of EOS Network Foundation, announced on Twitter that the EVM would be 3X faster than BNB and Solana combined. 

Combining the performance of EOS with the familiarity of Ethereum, Solidity developers are in for a treat.

At 800+ swaps per second, $EOS EVM will be BY FAR the fastest EVM, benchmarked 3x faster than Solana + BNB and 25x faster than Avax. pic.twitter.com/JxYtcbLiTE

— Yves La Rose (@BigBeardSamurai) March 1, 2023

Source: EOS/USDT on TradingView

EOS consolidated within the $1.022 – $1.130 range between mid-January and February before an upside breakout in mid-February. But the bulls faced price rejection after hitting the $1.276 resistance level. If the trend repeats, EOS could face a similar rejection and offer bears shorting opportunities. 

Bears could look to book profits at $1.119 or the immediate support at $1.107. An extended drop beyond these levels could be kept in check by $1.044 or $1.000. As such, the stop loss could be placed above the $1.276 hurdle. 

Alternatively, bulls could bypass