EOS price analysis: EOS drops under $5.0, loses 20% in recent 24 hours

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