EOS price analysis: EOS/USD engages reverse gear, tanks a whopping 10% on the day

• EOS is the biggest loser among the top 10 virtual currencies.
• The Bears continue to ignore the oversold levels, similarly, the stochastic is in the oversold.

EOS price is at the forefront of declines as the market prepares for the weekend sessions. EOS is the biggest loser among the top 10 virtual currencies on Friday sliding over 10% on the day. EOS/USD has even broken below the falling wedge pattern as observed on the chart. However, the bulls are tasked to ensure that the immediate support at $9.00 stands to avoid more declines.

In other news in the market, the Japanese government is working on improving the crypto exchanges in the country through the official watchdog, the Financial Services Agency (FSA). Communication from FSA on Friday said that it had ordered the improvement of money laundering measures in at least six exchanges. The FSA had noticed a lax in the measures including at the country’s largest exchange bitFlyer Inc. It reported that weaknesses have been discovered in the anti-money laundering controls and systems.

Technically, EOS price is strongly bearish, besides it is trading at $9.2 after opening the day’s session at $10.39. The Bears continue to ignore the oversold levels, similarly, the stochastic is in the oversold region (12.5%). The price is below the moving averages, which are sending bearish signals. The support at $9.00 is likely to stand ground plus the buyers are currently seeking an entry. A bearish flag pattern supported above $9.00 will help to gather momentum to reverse the trend back up above $10.00.

EOS/USD 15′ chart