FSHO exchange has been closed because it lacks the facilities to operate the business plus it has been found to be substandard.
EOS must find a support above $14.00, failure to which the 50 SMA will offer support above $13.5.
EOS price is currently locked in the narrowing contracting triangle pattern. Similarly, a short-term bullish flag pattern is forming pending an upside breakout. The targets on the upside are at $15.00 (short-term) and $18.00 (long-term).
The government of Japan has been what some would call vigilant when it comes to the operations of crypto exchanges in the country. Through the Financial Services Agency (FSA) it has continued to monitor the activities of the companies while reviewing the applications for licensing. It has never ordered an exchange to shut down, however, FSHO, an exchange that been allowed to carry on operations while its application is under review has been ordered to close up shop. Moreover, the exchange has been served with letters to improve its services twice. According to a report by Nikkei the exchange has been closed because it lacks the facilities to operate the business plus it has been found to be substandard.
Coming back to EOS price analysis, it is trading marginally above $14.00, while the 100 SMA and the bearish trendline are limiting the movement to the upside. The 23.6% Fib retracement level with the last high leg at $15.1 and a low of $10.8 is a significant hurdle towards $15.00. A weak bullish trend is gathering strength on the chart besides the MACD is trying to cross towards the positive territory. EOS must find a support above $14.00, failure to which the 50 SMA will offer support above $13.5. $13.00 is a suitable buy zone but the major support is seen at $12.00.
EOS/USD 1-hour chart
Share
