- 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
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.