EOS price analysis: EOS/USD haunted again by previous supporting trend line, now a big barrier, eyes on $8 region
- EOS price beat up on Friday by the market bears, nursing losses of 6% in the early part of the session.
- Big rejection for EOS/USD by ascending trend line, that was previously supporting price.
The EOS price has been hammered on Friday, down over 6% in the session, after once again being rejected by a trend line that had been supporting the price, until the bears broke this on 22nd May. The resistance was seen today at around $12.80, where the ascending trend line currently tracks as a barrier.
EOS/USD this trading week alone has suffered with losses over 20%, the pressure has been seen across the crypto market, very much been the case for the past 3-4 weeks. In terms of EOS specifically, this is the longest decline of consistent losses seen since July 2017.
Technically, given the break and another retest of the ascending trend line mentioned above, downside pressure may pick up some pace. Bear targets look to be at; $8.40 and then further south at $7.00 within the near-term. Resistance remains at $12.80. Looking at indicators, the signal line remains firmly above the MACD, which would still indicate of bearish momentum
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.
