EOS price analysis: correction intensifies after stellar run this week

Falls more than 6 pct after 50 pct rally this week.
Only loser among the major cryptos.

Manoj B Rawal Independent Analyst

EOS falls prey to its own glory as it becomes the only crypto to fall, as traders and investors capitalise on the gains earned this week that resulted in prices gaining about 50 percent, one of the highest in all the major digital currencies this week.

EOS/USD is down nearly 6 percent at $8.210 in a volatile trading and heavy volumes that saw price of this crypto fall to as low as $7.80 at which point EOS was down 10.36 percent. Overbought RSI on the daily chart also added fuel to the fire.

On the 15-minute chart, EOS risks falling into the trap of a falling trendline channel and faces resistance at $9.00 and support around $7.80, today's swing low. While on the daily it needs tro cross past its 100 days SMA of $8.66 while $9.31 is also a resistance, a trendline drawn from January highs.

EOS/USD 15-minute chart:

EOS/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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