EOS Price Prediction: EOS/USD is riding the highway to hell, after price drops 20% in the session
- EOS on the very fast highway down to the deep south, dropping as much as 20% on Friday.
- The next big level the bears will be eyeing is seen at $7, a large area on the daily time frame.
The EOS price came under heavy selling pressure during trading on Friday, as seen the crypto market, after some FUD was sparked. Market participants were somewhat concerned, after reports that Indian banks are set to stop dealing in cryptocurrency related business.
EOS/USD was slammed hardest across the major altcoins, in its 20% drop to the deep south on Friday. The price ran through key support at the 13th June low, which was $9.10, which saw some additional selling through this level.
Technically, EOS looks vulnerable to further downside pressure, the door is open for the bears to exploit the breach in key support. Next major target for the bears will look to be at the $7 mark, which is vital support area seen on the daily time frame. A break there could see a fast fall down to $5 territory.
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.
