- EOS failed to find support at $5.5, $5.0 and even at $4.5: Explored the levels heading to $4.0.
- EOS recovery will encounter more resistance at $5.5 and $6.6 supply zone.
EOS is correcting over 10% lower on the day. The bears had a field day with the crypto asset as they took it from consolidation to breaking one support area after the other. Negative pressure was not unique to EOS as all the major cryptocurrency posted shocking losses in double-digits.
Bitcoin is pushing for a reversal towards $12,000 after testing $11,000 from highs above $13,000. Ethereum explored the levels close to $260 before staging a shallow recovery above $270. Ripple on the other and found support at $0.32 but the upside has been capped under $0.36 broken support.
EOS, on the other hand, EOS failed to find support at $5.5, $5.0 and even at $4.5. The price explored the levels heading to $4.0 but formed three-month low at $4.33. A reversal that occurred today stepped above $4.5 and EOS/USD is trading at $4.715.
The immediate upside is limited by the 100 Simple Moving Average (SMA) at $4.81. $5.00 support turned resistance will limit gains while the 100 SMA 1-h will hinder growth at $5.1. In the case of higher correction, EOS will encounter more resistance at $5.5 and $6.6 supply zone.
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