EOS price analysis: EOS/USD goes down, eyes on $8.00 handle

• EOS is losing recent gains amid global crypto sell-off.
• A movement below $8.00 will signal that bears are in control once again.

EOS goes down again. The coin is trading at $8.3 after having peaked at $9.4 on July 4. EOS has lost nearly 7% of its value since this time yesterday amid global correction on the cryptocurrency markets. It’s Friday and large price swings may be in store for us ahead of the weekend.

EOS is the fifth largest coin with market value $7.4B and the average daily trading volume of $885M. While the coin is moving in sync with the rest digital assets, the downside may be intensified by internal problems of EOS network and disputes within the community.

EOS technical picture

Looking technically, EOS/USD is moving swiftly towards $8.00 handle, which makes the picture look negative. Once this level is broken, the downside pressure will get stronger with the next bearish aim spotted at $7.00 and 6.89 (the lowest level of June 24). On the upside, the local resistance area is seen at $8.84 (100-SMA, 1-hour chart) and $9.00 (50-SMA); however, the price is unlikely to get there within recent trading hours as the selling pressure is mounting across the whole cryptocurrency market.

EOS/USD, the 1-hour chart