EOS Price Analysis: EOS/USD flirting with a vital near-term supporting trend line, a breach can see $8 territory come back into the picture
- EOS hard hit again on Tuesday’s session, as bears resume selling, down 7%.
- A vital area of support is being tested, ascending trend line, in proximity to the 100DMA.
The EOS price was hit hard on Tuesday, nursing losses of 7%, as the bears resumed pilling on the pressure to the downside, after a brief resting period on Monday. The moves in the session is seeing a very key trend line being penetrated.
EOS/USD plummeted on 10th June 30%, one of the most suffered altcoins with the drop encountered across the crypto market. Current price behavior suggests another chunky leg lower could be in the works, given the sudden drop, then a break, now a resumption in pressure, with key support being tested.
Historically, there isn’t much support seen between $10.50-$8.50, so should the running trend line be broken, it may be a fast move down to around the mid $8 territory. EOS/USD is trading in proximity to the 100DMA. If there is a bounce on the mentioned support and should some momentum gather back in the bulls favor, then there doesn’t appear to be much resistance up until heading into $12.
EOS/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
