- EOS in the latter stages of Wednesday’s session jumped over 9%, before running into resistance.
- EOS/USD gains were capped due to a touted supply zone tracking from $8.25-8.40.
The EOS price was seen up over 9% on Wednesday, thanks to a late big burst higher in the price, after starting the session slowly. EOS has been heavily weighted to the downside for much of this week so far, the bulls would be attempting to recoup some of the losses encountered, but may not prove to be sustainable given current trend.
EOS/USD is still seen down some 35% over the past 5 weeks, which is inline with the mass cooling in prices across the crypto market of late. EOS has been one of the cryptos particularly underperforming, with it recently coming under fire due to concerns around it being too centralised.
Technically, EOS/USD has run into near-term resistance seen at a supply zone, this runs from $8.25-8.40. Given the recent profit taking after the large 9% surge within the matter of hours, support seen at $7.83 100MA on the 30-minute chart, then $7.63 50MA and support.
EOS/USD 30-minute chart
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