Ken Chigbo
Independent Analyst
- EOS losses further ground on Thursday, one of the under performers with losses in excess of 4%.
- EOS/USD key near-term support seen tracking from $6.95-6.80, an area that saved the price in Wednesday's session.
The EOS price was seen dealing with sizable losses of 4% on Thursday, as the price gave up further ground through the $7 level. A cooling in prices is still evident across the crypto market.
EOS/USD is once again testing the stregnth of a near-term demand area, which is currently playing a vital role at preventing the price from a free-fall.
Technically, eyes are on the tested zone of $6.95-6.80, as bears are pressing for a breach, which will likely open the doors to some further high pressured selling. As the price falls for EOS/USD, the small bounces being observed in-between the selling, a producing much lower highs, indicating another break south could be in the waiting. Resistance is being seen at the tracking 50MA, which prevented the price from upside during the 1st August session.
EOS/USD 60-minute chart
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