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  • EOS price late on Monday is nursing firm losses of some 8%, as the market continues to give back February gains.
  • EOS/USD bears smashed through a key ascending trend line and out from a range-block formation.

 

The EOS price heavily underperformed in the session on Monday, nursing deep losses of some 8.5%. Markets bears resume their full control of the cryptocurrency market wide once again, jumping in to continue selling the rallies seen in February.

EOS/USD price action had two key confluences of supporting the price to the upside. Firstly; an ascending trend line, which has been running since 7th February, a convincing break to the downside made in the session today. In addition, the price had been moving within a range block formation, for seven sessions.

Given the most recent break below the above noted ascending trend line and range-block formation, further downside is eyed. In terms of next areas of support; $2.80, daily pivot point support, further south, $2.35, pre-February bull run levels.

EOS/USD daily chart