EOS Price Analysis: EOS/USD at risk of losing further ground and giving up $8 territory, should current in play near-term support fail to hold

• EOS/USD drops over 3.5% on Thursday, as the price continues to head south after the selling pressure commenced in the prior session.
• Key near-term support is seen tracking between $8.35-8.16, failing to hold could see a drop below $8.

The EOS price lost further ground on Thursday, nursing losses of over 3.5% in the session, one of the underperformers within the cryptocurrency market. It initially started the session promising in its attempt to regain $9 territory, however fell somewhat short at the session highs of $8.7450.

EOS/USD has been on the highway south since 18th July, when it printed highs at $9.35, within a strong touted supply zone. EOS had initially gained this week over 25%, however is has already given back half of that, due to failure of sustaining the upside momentum.

Technically, near-term support is eyed from $8.35-8.16, a failure to hold could see almost 100% of the gains made this week wiped. Should life be kicked back into the bulls, the real challenge is seen within the zone around the highs of this week, where the price faltered. This area has been an issue for the bulls this month of three occasions now.

EOS/USD 60-minute chart