EOS price analysis: the bottom fell out of EOS/USD, the coin lost nearly 50% since April peak

• EOS is trading marginally above $12.00 amid growing bearish pressure.
• Major support is spotted at $11.74, followed by $11.22.

Wednesday trading is a sea of red as all major cryptocurrencies are declining heavily, the second time in a space of one week.  EOS is one of the major losers down over 12% in the recent 24 hours. The fifth largest coin by market cap dropped below $12 handle and reached early Asian low of $11.84 before recovering to $12.18 by the time of writing. 

At the end of April, EOS/USD spiked to a record high of $23.03 but lost nearly 50% of its value since that time. EOS trading volumes exceed $1.5B with the most active trading pair EOS/USDT. 

EOS is a coin without a functional product. It has been growing on media buzz and developers' promise to make it better than Ethereum. EOS main net is scheduled to go live in 40 days, though such big names as Bitfinex, Huobi, and eToro express their support for EOS.

Let us remind that EOS has no functional product yet, while its price growth earlier this year was supported by media buzz and developers' promise to make it better than Ethereum.   The project plans to release EOSIO 1.0. network in summer, while the coin is returning to normal levels from a highly overbought territory.

EOS technical picture

EOS/USD came close to crucial support level created by 50-DMA (daily chart) at $11.74. Once it is broken, the coin will continue moving slower towards $11.22 (68.2% Fibo retracement) and $9.58 (100-DMA). On the upside, the local resistance is seen at $13.00, followed by 50% Fibo at $13.46. 

EOS/USD, the daily chart

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