- The sellers have taken over control as EOS/USD plummets below the short-term support at $14.00 – $13.50.
- The 50% Fib retracement level will stop declines at $13.00
EOS price traded marginally above $15.00 in the wake of its mainnet launch on Saturday and Sunday. But the crypto opened the trading this week slightly above $14.00. Moreover, the sellers have taken over control as EOS/USD plummets below the short-term support at $14.00 – $13.50.
At the moment, EOS price has breached the support at the 38.2% Fib retracement level with the last high leg at $15.15 and a low of $10.81, The MACD is extending into the negative region while the moving averaged point towards a prevailing bear trend in the short-term.
On the upside, the previous support area at $14.00 – $13.50 will offer resistance as EOS/USD attempts to recoil towards $15.00. On the flipside, the current bear trend will test the support provided by the 50% Fibo which also coincides with the bullish trendline at $13.00. A break below this level could find another support from the moving averages (50 SMA and 200 SMA) above $12.5.
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