EOS [EOS] feels the heat as it drops below $2.6 key support: Technical Analysis
The cryptocurrency industry greeted the New Year with hope and optimism and for some time the optimism seemed to be justified. But it only took some time for the bears to spring into action and obliterate all the moderate gains made by the coins in the last few days. The crypto market lost nearly 16 billion in a span of 24 hrs and all the major coins including EOS are in the grip of the bearish trend and trading in the red zone. The crypto market is now well below the $130 billion mark and is hovering around the $120 billion level, which in itself tells the full story. Bitcoin led the downward charge once again when it bounced off resistance at $4,050 and plummeted back to $3,850 where it held for a while and after that, it fell further. At the time of print, Bitcoin is trading at $3685, down by 3.56 percent. All the major coins have met the same fate in the last 24 hrs and EOS is also down by 6.48 percent and is trading at $2.41.
At the time of print, EOS is trading at $2.4524, well below the support level of $2.6000. The price is at a critical key demand level. The key resistance level stands at $3.0110 which the coin breached yesterday and retraced back. The strong bearish pressure led the coin led to a break at $2.71 in the lower demand area and due to increased bearish pressure, the digital asset fell $2.34. The hourly RSI indicator stands at 42.4360 which suggest that the coin is facing increased seller pressure and is hovering just above the oversold level. The MACD is in the bearish zone and the 100 EMA line also shows a downward trend.
At the time of print, EOS is down by 3 percent and one EOS is equivalent to 0.00065428 BTC.
EOS has been in the news lately, and in an interesting development last month, Singapore-based Huobi Global announced that its mining wing Huobi Pool will launch the company’s first exchange fully dedicated to EOS. Huobi Pool has been working diligently for quite some time to achieve this goal and this exchange will be the first EOS exchange in the world.
In another development last month, the derivative arm of Huobi Global, Huobi DM announced the introduction of an EOS contract, thereby expanding the trading volume. The Singapore based cryptocurrency exchange Huobi Global announced the derivatives branch at the Coinfrontiers conference in New York City.
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