EOS price analysis: EOS/USD recovers 3% from recent lows, still under pressure

EOS lost over 23% of its value in recent 24 hours. Despite rather slow movement during early Asian hours, the coin managed to recover from the lows and gained about 3% since the beginning of the day.

EOS takes the seventh place in the global cryptocurrency market with tthe current market value of $2.60 billion. At the time of writing, EOS/USD is changing hands at $2.84, off the recent low $2.40.

EOS/USD, the technical picture

EOS/USD recovery is capped by psychological $3.00 with the middle line of one-hour Bollinger Band located on approach. We will need to see a sustainable move above this handle for the upside to gain traction. The next resistance is created by a combination of SMA50 (Simple Moving Average) and the upper line of the Bollinger Band (one-hour chart) on approach to $3.40. This barrier is closely followed by $3.60 (SMA100 one-hour and SMA200 four-hour).

On the downside, the initial support comes on approach to $2.60 (the lower line of four-hour Bollinger Band). Once it is out of the way, the sell-off  is likely to gain traction with the next focus on the recent low of $2.40 This is the lowest level since the beginning of August.

EOS/USD, one-hour chart