- EOS breaks free from a tight range, goes down to the lowest level since April 25.
- Korean police investigate alleged fraud at large crypto exchange
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
XRP price extends losses on Tuesday, risks decline below support at $0.60
XRP price dropped closer to its psychologically important support level at $0.60 on Tuesday amidst a steep correction in the crypto ecosystem. Most of the top 30 cryptocurrencies by market capitalization have noted a decline in their prices on March 19.
Avalanche price could rise 20% on gaming narrative ahead of GDC conference
Avalanche is an outlier on Monday, rallying while the broader market crashes. It has outperformed Bitcoin price, as well as meme and AI crypto coins, sectors that have been thriving of late. AVAX’s good fortune comes ahead of the Game Developers Conference.
Bitcoin price shows weakness, but new BTC whales have created solid support at $56,400
Bitcoin downside momentum strengthens, giving sidelined and late bulls a chance to buy the dip. The market remains focussed on the oncoming halving, expected to kick off the next bull cycle.
Crypto AI token rally persists, ignited by NVIDIA AI conference
NVIDIA AI conference, starting on Monday, is considered a key AI event as market participants await the unveiling of the next AI chip, B100. NVIDIA’s influence extends to the mining sector in crypto as its chips are focused on high-performance GPUs.
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13. Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.