EOS price analysis: EOS/USD tanks 10% after clearing significant supporting area at just above $12
- EOS/USD plummets over 10% on Wednesday, moving in lock-step with the other major altcoins, as key support levels are breached.
- EOS has been under pressure since 29th April, after printing new record highs above $23.
The EOS price is seen down over 10% in the latter stages of trading on Wednesday, moving quickly south in lock-step with most of the other major altcoins. Across the crypto market, several significant supporting areas have been breached.
EOS/USD price had been supported higher by a underlying trend line, this was running from March of this year, however the bears had enough momentum to cause a firm breach. EOS has been under pressure since printing the record highs above $23 on 29th April.
Technically speaking, EOS is susceptible to added pressure from the market bears, as vulnerabilities are clear, given the recent breakout of the mentioned supporting trend line. In terms of next levels of proven support, not seen down until $8-7 region. Resistance will now likely be seen at the initially supporting trend line, tracking around $12.
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.
