EOS price analysis: EOS/USD down 14% on the day, Upbit exchange under police investigation

EOS/USD dropped like a stone during early European hours. The coin broke below $17.00, which served as a lower band of a range and limited the downside for some time. The breakdown increased the selling pressure and pushed the coin through several technical levels to $13.54, before new buyers came in and stopped the massacre.

Korean news agence Chosun reports that Upbit, the biggest cryptocurrency exchange in South Korea is suspected in faking its balance sheets and deceiving investors. The local police and ten investigators are looking into the case.

While some crypto community users express doubt in the trustworthiness of the information, this news may have served as a trigger for massive sell-off on across digital assets market.

South Korea is the largest market for EOS with Upbit's share of EOS transactions over 13%.

EOS technical picture

EOS/USD is now trading at $15.20, having recovered from $13.54. The next short-term resistance is seen at $16.00 and followed by  $17.00. The support is created by $15.00 and $14.50. Once this level is broken. the recent low will come into focus again.

EOS/USD, the hourly chart