Ken Chigbo
Independent Analyst
- EOS price rockets over 11% on Thursday, to recover the heavy losses of this week.
- Gains have some what been cut short by a strong trend line, that was previously supporting the price.
The EOS price has jumped over 11% in session on Thursday, making tremendous gains, in a strong attempt to recover some of the heavy losses encountered this week. Despite the foundations of a retracement being laid, there might not be enough juice to maintain sustainability.
EOS, like many of its peers, is currently trading towards its fourth consecutive week within negative territory. In this period, EOS/USD printed record highs above the $23 area, taking out previous levels of around $18. There hasn’t been much of a given catalyst, however more so to do with trend, which has been bearish through 2018, yet for a clear change in direction.
Technically, EOS/USD has during the session on Thursday, been cut short by a strong trend line, which was initially an ascending line of support. This had been running from March, until it was broken this week. The resistance is seen around $12.40. In terms of this price behavior, it is normal to see a break and retest, as demonstrated in Thursday’s session, it wouldn’t be surprising to see the move continue south. Support to the downside is eyed at $10.50, $8.40 and $7.00.
EOS/USD daily chart
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