EOS Price Analysis: EOS/USD has encountered further damage after daily close below vital support, $8.40 in scope
- EOS hit hard on Wednesday initially nursing losses of up to 10% in the early part of the session, before receiving a relief bounce.
- Bears are firmly in control across the board within the cryptocurrency market, EOS/USD downside target seen around $8.40, troublesome resistance not seen until $10.65.
The EOS price received a beating on Wednesday, nursing losses initially of around 7%, as the bears continued to smell blood after the previous session close below key support. There isn’t any mentioned catalyst covered, just seemingly a mass cooling in crypto price across the board.
EOS/USD had been well support from April by an ascending trend line, which during Tuesday’s session was broken by the market bears. The price aggressively ran through the 100DMA, which at the time was tracking at $10.75, a move that has now exposed EOS to some further downside pressure.
Technically, given the recent price developments, it has put the bears well on the front foot and in control of EOS/USD. The next potential downside target is seen around $8.40, an area where the price briefly consolidated in April before a large bull move. Resistance will now be seen underneath the ascending trend line, tracking at $10.65.
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.
