EOS price analysis: EOS/USD range-bound with bearish bias below $3.00
- EOS/USD has been sliding down since Monday.
- The market sentiments are still dominated by bears.
EOS lost over 4% of its value in recent 24 hours. The coin has been depressed during early Asian hours amid global sell-off on the cryptocurrency market. At the time of writing, EOS/USD is changing hands at $2.96, off Monday's low of $2.86
EOS takes seventh place in the global cryptocurrency market with the current market value of $2.70 billion.
Notably, SEC fined EOS developer company Block.One for illegal securities sale. The company is obliged to pay $24 million, though the community believes that the punishment is disproportionately soft as compared to the amounts raised by the company during the year-long ICO.
EOS/USD, the technical picture
EOS/USD recovery is capped by a psychological $3.00. This barrier is strengthened by a combination of technical indicators including SMA50 (Simple Moving Average) and the middle line of the Bollinger Band on one-hour chart, as well as the short-term downside trend line from the recent high $3.13. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on a $3.40-$3.50 resistance area created by SMA100 and SMA200 on a four-hour chart.
On the downside, the initial support comes on approach to $2.80 (the lower line of the Bollinger Band and SMA100 on the one-hour chart). Once it is out of the way, the sell-off is likely to gain traction with the next focus on the recent low of $2.67 and $2.40, which is the lowest level since the beginning of August.
EOS/USD, one-hour chart
Author
Tanya Abrosimova
Independent Analyst
