Trading indicators show EOS, Cardano, and TRON dropping further

Although some altcoins recovered from the recent drop, most-including EOS, Cardano, and TRON-remain in a bearish posture signaling a further decline.

EOS. EOS is one of the most prominent smart contract projects in the cryptocurrency industry.

As a result, EOS Tribe announced that it will move away from its candidacy as a block producer and others threatened to do the same.

The combination of these three candlesticks indicate that EOS is losing its bullish momentum and indicates a reversal.

EOS indeed reversed per the bearish formation, dropping more than 40 percent to reach a low of $2.40 on Sept. 24.

A spike in the buying pressure behind EOS that allows it to move above $3.10 could take it to test the $3.55 resistance level.

As a matter of fact, after trading at nearly $0.041 in June, TRON has lost most of the gains it made this year and recently reached levels that it has not seen since the end of 2018.

TRX is currently trading around the $0.0125 support level, which represents a pivotal point on its trend.

The overall sentiment around EOS, Cardano, and TRON is bearish.

Although there are different technical signs indicating that EOS could soon experience a bullish impulse, the fear among investors about the level of centralization around this cryptocurrency could influence a further decline in combination with a shaky market will likely keep the coin down.