- EOS is down 20% on a daily basis, stays above $5.0
- Bearish sentiments rule the market so far.
EOS, the 5th largest coin with the market cap $4.5B and average daily trading volume $1.2M is changing hands at $5.04, down 20% on a daily basis. The coin is moving in sync with Bitcoin and other digital assets. EOS/USD touched $4.8 on Wednesday but managed to regain $5.0 handle.
EOS slump has a speculative and technical nature as the coin flows with the market. EOS/SUD broke from the triangle pattern visible on 1-hour chart, at absorbed the stops located below $6.40. This caused a fresh wave of selling towards $6.00 and $5.00.
The coin has a chance to start a recovery as long as it stays above %.00 handle. Once it is broken, the sell-off may be extended towards Wednesday’s low at $4.8 and to August 22 low at $4.5.
Once the correction starts, the price will grow towards $5.9 (SMA50, 1-hour) and $6.00 for starters. More extended recovery will take it towards $6.22 (SMA100 and SMA200) and to the broken trendline at $6.4.
EOS/USD, 1-hour chart
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