- EOS tanks over 7% on Monday, resuming the selling pressure from Sunday, after being well over-bought.
- Immediate support seen at $13.25, lows of the session and where the top of a broken wedge pattern tracks.
The EOS price tanks over 7% on Monday, as it encounters instabilities within the mid $15 area on Sunday, after the RSI was well in the overbought territory, seen at 90. EOS/USD was managed to be caught by the upper trend line of a wedge pattern, which was originally broken on 2nd June.
EOS/USD had a strong run of gains during the previous week, seeing it close up firmly in the green, which marked the first time in four weeks. EOS had outperformed its peers, with gains seen of 45%. However, the market giving back some of those gains, which could have very much been a short-lived retracement.
Support is immediately seen at $13.25, as mentioned above, this tracks just above the wedge pattern, which EOS/USD bulls managed to breach on 2nd June. Further south, an originally noted supply zone, could come into play as support, tracking from $13.00-12.65. Resistance to the upside seen at $14.40, 50MA.
EOS/USD 60-minute chart
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