- EOS recovered from recent lows, but $2.0 remains unconquered.
- A sustainable growth above $3.0 is needed to reduce the pressure.
EOS slumped well below critical $2.0 handle and touched $1.5 handle on Friday. While the 7th largest coin with a market value of $1.7B managed to gain over 7% since this time on Sunday, it is still trading below $2.0, down over 90% from the peak reached in April 2018.
The coin is undermined by the reports of the network vulnerabilities to hack attacks and internal issues related to the degree of centralization and possible manipulations.
Looking technically, EOS/USD needs to gain ground above psychological $2.0 and $2.26 (SMA200, 1-hour). Once this immediate resistance area is cleared, the upside may be extended towards $3.00 and $3.74 (SMA200, 4-hour). However, considering the downward looking RSI and overall bearish sentiments on the market, a sustainable upside movement looks unlikely, at least in the short-term.
On the downside, the coin may retest the recent low of $1.5, which is the lowest level since November 2017. Once it is broken, $1.00 will come into focus. That’s where a fresh buying interest is likely to appear.
EOS/USD, 1-hour chart
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