Manoj B Rawal
Independent Analyst
- EOS has some more pain left in this downleg.
- Long consolidation to ensue after the fall is over.
EOS, the surprise crypto has some more way to go on the downside in this southward journey that started middle of last month, but the stability in prices would require prices to consolidate for a long time before bulls can reclaim their lost turf.
EOS/USD is down nearly one percent on day at $2.868 and in less than 1 percent range for the day. On the 720-minute chart of the crypto, it has fallen out of a triangle and the target for this break down is towards $2.2-2.3, about 20 percent more from current prices.
Next key support on the downside stands at $2.68, while resistance stands at $3.00 and $3.40.
EOS/USD 720-minute chart:
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