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EOS Price Analysis: make or break, as EOS/USD flirts with vital safety net

  • EOS/USD receives boost from key demand zone, a daily close above is important for further upside.
  • The crypto market wide continues to struggle finding a bottom, uncertain times still remain.

The EOS price in the latter stages of trading on Thursday, was seen down over 2%. Thank to a chunky demand zone within the mid-$4 region, this prevented the price free-falling down to the deep south. The daily closure above this demand area would be key for the bulls.

EOS/USD did drop to its lowest levels seen in over a year, inline with the continued weight seen across the cryptocurrency market. It appears the market in general is searching for the bottom, which for now remains unclear.

Technically, the above-mentioned demand area, seen tracking from $4.70 down to $4.20. Should the bears pierce this area, it could serious devastation, seeing a large drop down to the $3 territory. Buyers defending this area, should provide a boost back towards the high $5 region, it is just a question as to how sustainable that move would be.  

EOS/USD daily chart

Author

Ken Chigbo

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.

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