Ken Chigbo
Independent Analyst
- EOS slips on Monday, dropping 3%, after running into resistance at $13.
- Price has broken and retested several times the key trend line, subject to further potenail selling pressure.
The EOS price nursing losses of 3% on Monday, after starting the session initially well, before running into problems once again, underneath the previously supporting trend line. Selling came as EOS/USD touched $13 territory, before breaching $12 to the downside and moving to session lows at $11.59.
Over the past 5 sessions, EOS/USD price action has been magnetised to the ascending trend line, which is proving to be very stubborn. Any upside witnessed is short-lived, given the strength of the mentioned resistance area.
Technically, with the recent rejection in mind, at the troublesome trend line, which is also in proximity to the 50DMA, sitting just above $13. The price of course has broken and retested the trend line, it would be expected by the textbook, for a continued move lower now. Support levels further south to be aware of; $11.55, $10.35, $8.40 and then $7.00. Resistance has mentioned seen just above the $13 mark.
EOS/USD daily chart
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