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.

Ken Chigbo Independent Analyst

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

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.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.