EOS market update: EOS/USD breaks level after level hitting a 3-month low

  • 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.

Also Read: Swiss Crypto Exchange (SCX) with partners with Dukascopy to launch fiat-to-crypto trading

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.

EOS/USD 1-h chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Chart Analysis: Symmetrical triangle breakout to power BTC/USD above $9700

BTC/USD has charted a symmetrical triangle breakout in the last hour, opening doors for a test of the pattern target at 9746. Despite the bullish breakout, its likely to remain an uphill task for the bulls to achieve the target, given a bunch of healthy resistance levels. 

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

BCH/USD: Bulls eye $280 amid falling wedge breakout

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.   

More Bitcoin Cash News

Crypto Market Update: Ethereum outperforms its main rivals on the road to recovery

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.  

More Cryptocurrencies News


Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast