EOS price analysis: EOS/USD down 13% on the day, bearish sentiments getting stronger
|- EOS fails to extend recovery from weekend's lows.
- The short-term upside is limited by 50-SMA on the hourly chart.
EOS/USD resumed the downside, shedding all Sunday gains. The coin is trading at 13.81, off the Asian high reached at $14.77. The fifth largest coin by market capitalization has been pretty volatile lately, having lost 40% from its peak of $23.00.
The news about police investigation initiated against Korean Upbit and rumors about Mt. Gox selling Bitcoins that shook cryptocurrency markets on Friday, injected bearish sentiments to the crypto market. It means that the downside momentum may gather pace in the absence of positive news.
EOS technical picture
EOS/USD is trading below intraday moving averages with the first resistance created by 50-SMA (hourly chart) at $14.00. Once this level is broken, the coin may extend the upside correction towards $15/00 and $15.30 (100-SMA). On the downside, the support is seen at $13.00, followed by Saturday's low at $12.05.
EOS/USD, the hourly chart
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