EOS Price Analysis: EOS/USD plummets over 8% in just over an hour, as vital demand zone gives way, towards latter stages of trading on Monday
|- EOS/USD losses a large amount of ground in the latter stages of trading on Monday, dropping over 8% in just over an hour.
- Key near-term support tracking from $8.35 down to $8.15 gives way to the bears.
The EOS price was seen down over 6% on Monday, after initially starting the session some what stable, but the bears came running through the door to see EOS/USD free-fall over 8% in around an hour.
EOS/USD has struggled to find a firm trend over the past 5 sessions or so, trading within a narrow range of a few cents. This lack of committed market direction has been seen across the board, with the other major altcoins behaving similarly.
Technically, EOS/USD was caught buy a known area of support at the low of $7.94, which is also the low seen on 2nd July. Should the bears manage to pile the pressure back on and the support at Monday’s low gives way, then the price could quickly fall back to $7.30. Resistance is not seen until $8.60, proximity to the 50 and 100MAs on the 60-minute time frame.
EOS/USD 60-minute chart
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