EOS Chart Update: EOS/USD loses over 1% in a matter of minutes, recovery underway

EOS bumped into a strong intraday resistance.
The technical indicators show that the recovery may be underway.

Tanya Abrosimova Independent Analyst

EOS is changing hands at $2.77, down 1.4% since the start of the day. The coin takes the 9th place in the global cryptocurrency rating with the current market value of $2.6 billion and an average daily trading volume of $2.0 billion.

EOS/USD: Technical picture

On the intraday charts, EOS/USD bupmed int a resistance created by 30-min SMA100 on aproach to $2.80. After several attempts to clear the barrier, the coin dropped below 3-min SMA200 as the downside momentum gained traction. The next support is created by $2.73, which is the lowest level since Sunday, June 7. Once it is out of the way, the sell-off is likely to continue with the next focus on $2.70.

However, the RSI on 30-min chart is starting to reverse, signalling that bears might be already exhausted. On the upside, the initial target is created by the the above-said 30-min SMA100 reinforced by 1-hour SMA50 at $2.80. It is followed by intraday high of $2.81.