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

  • 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

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin is not money even if it costs nearly $9,000 - Ray Dalio

Bitcoin (BTC) has settled below $8,700 after a short-lived move to $8,791 during early Asian hours. The first digital coin has stayed mostly unchanged both on a day-to-day basis.

More Bitcoin News

Litecoin price analysis: LTC/USD bulls desperate to push the price above $60.00

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, hit the intraday high at $59.14 and retreated below $58.00 by the time of writing, LTC/USD is changing hands at $57.95.

More Litecoin News

Ethereum is the most correlated crypto asset, research shows

Ethereum, the second-largest digital asset with the current market value of $18.4 billion, has lost nearly 1% since the beginning of Wednesday and stayed unchanged on a day-to-day basis. 

More Ethereum News

Why ETC/USD January upsurge unstoppable?

Ethereum Classic surge is still on despite the bearish wave across the cryptocurrency landscape. The digital asset has corrected 4.47% higher on the day.

More Ethereum Classic News


Bitcoin Weekly Forecast: Bulls piggy-back on altcoins rally

This week was marked by a strong altcoins rally on the cryptocurrency markets. Bitcoin SV (BSV) and Dash experienced the sharpest price increase over 100% in recent seven days...

Read the weekly forecast