- EOS falls victim to Bitcoin driven selloff, drops a whopping 10.54% on the day.
- The support at $5.90 is likely to continue holding ground, while a break above $6.10 is essential to the buyers in the short-term.
The crypto market is languishing in yet another selloff presumably driven by the US Security and Exchange Commission (SEC) decision to postpone the verdict on whether it will allow the Cboe VanEck/SolidX exchange-traded fund (ETF) by 45 days. The announcement was made yesterday and the assets led by Bitcoin (BTC), nosedived breaking barriers to the downside.
EOS price is among the worst hit by selloff after it plummeted from trading above $7.00 only to find a support at $5.90 (April 2018 levels). The crypto is currently battling for a balance above $6.00, although the buyers lack a catalyst to support the uptrend. Besides, the descending trendline is limiting gains as observed on the 15-minutes chart.
EOS is down 10.54% on the day while the indicators signal that the path of least resistance is to the downside. The short-term 100 SMA is moving further below the 100-day moving average. At the same time, the stochastic trend indicator on the same chart is heading south. EOS/USD has to find a support above $6.00 and break the trendline resistance to allow the buyers to gather strength to attack the next resistance at $6.10. The supply zones at $6.209 and $6.409 will also stand in the way of upward movement. On the flipside, the support at $5.90 is likely to hold until the next trading session if the weak support at $6.00 gives in.
EOS/USD 15′ chart
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