EOS price analysis: Short term plus long term, equals some more pain
- EOS continues to give up gains of last month.
- Technicals point, downside still not done.
EOS, which surprised the crypto market last month with an astounding surge in prices that resulted in price gaining more than 5000 percent within a month, is now slowly and gradually giving up most of those gains, although it is stil early days to call for a long term top in place.
EOS/USD down more than 7 percent on day at $12.752 and close to day's low of $12.511. On the 240-minute chart, the price formation suggests it has got itself stuck in a downward sloping parallel channel in lower high, lower lows and it won't be an easy task to crack past it soon enough.
On the daily chart, fibonacci retracement of the entire rise from April low to the all time highs, suggests 50 percent is gone and now 61.8 percent is where it might find some support, which is at $11.19.
EOS/USD 240-minute chart:
EOS/USD daily chart:
Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
