Ken Chigbo
Independent Analyst
- EOS one of the standout underperformers on Tuesday, down over 5% in the session.
- Near-term demand zone seen between $7.57-7.75, a breach could be devasting for bulls.
The EOS price is seen down over 5% during trading on Tuesday, one of the standout underperformers during the session. This weakness inline with the general theme still seen across the crypto market, as sentiment remains soft after the heavy sell-off seen in the sessions just past.
EOS/USD price action has remained range-bound for the past two days now, which is understandable as the market stabilises somewhat, after the fast drop in a short space of time. EOS had formed a rising wedge pattern, in which it breached earlier in the session to the downside.
Given the current behaviour of the price for EOS/USD, it wouldn’t be surprising to say that the bears are potentially taking a breather, before resuming the move further to the deep south. A key area of demand that should be noted within the short-term, is seen between $7.57 – 7.75. Should the bears breach this area, the price would likely see a fast fall back down to the 24th June lows at $6.89.
EOS/USD 15-minute chart
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