• EOS is the worst-performing altcoin in top-20.
  • A recovery above $5.0 is needed to mitigate the immediate pressure.

EOS is one of the worst-performing altcoins on Thursday. The sixth largest coin with the current market value of $4.2 billion has lost over 20% in recent 24 hours amid significant sell-off on the cryptocurrency market. At the time of writing, EOS/USD is changing hands at $4.6, having recovered from the intraday low of $4.31. 

EOS's technical picture

EOS market is dominated by bears that have been driving the coin lower recently. A sustainable move below $5.00 has worsened the short-term technical picture and increased the bearish pressure on EOS/USD. Currently, the local support is created by the recent low of $4.3, followed by $4.23 (61.8% Fibo retracement for the upside move from $1.56 low). Once it is cleared, the downside momentum is likely to gain traction with the next focus on $4.00.

On the upside, a sustainable recovery above $5.00 handle is needed to mitigate the bearish pressure and allow for an extended recovery towards $5.8 (SMA50 - Simple Moving Average - on 4-hour chart). This barrier is followed by psychological $6.00 coupled with SMA100 4-hour.

EOS/USD, 4-hour 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin attempts a dead cat bounce amid a descending channel

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, is seen attempting minor recoveries on the 9900 handle, having extended the recent declines to 9,850.65, in the wake of a symmetrical triangle breakdown on the hourly sticks seen on Saturday.

More Bitcoin News

Cryptocurrency market update: Bears dominate quiet Saturday trading

Bearish momentum extends on Saturday across the crypto space. Bitcoin is the top weekly loser among five dominant cryptocurrencies. Ripple (XRP/USD) extends its corrective slide from six-week tops into a third straight day today.

More Cryptocurrencies News

Litecoin price prediction: Bears eye 73.00 amid descending triangle, bearish RSI

The fifth most widely traded cryptocurrency, Litecoin, remains on the back foot so far this Saturday. Sellers take back control amid a descending triangle formation spotted on hourly sticks, with eyes on 73.00.

More Litecoin News

Monero technical analysis: Trapped in range, vulnerable while below 83.50

Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $1.26 billion, is the second-biggest loser among the top 20 widely traded cryptocurrencies. 

More Monero News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin weekly forecast: Let the altcoin season begin

All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.

Read the weekly forecast

BTC

ETH

XRP