The EOS price is higher by just +2.17% so far today. There are signs that the coin’s recent price recovery may be stalling.
EOS has suffered more than most over the last 10 days. As recently as May 12th, the EOS price was trading at $14.9311 to set a new multi-year high.
It was to mark the end of an awe-inspiring start to the year. EOS had risen over +500% at that point. By the 19th of May, the coin was trading 71% lower, at $4.3520.
The price had already turned lower ahead of this week’s massive liquidation event. As of the 17th of May, the EOS price had given back 40% and tested a supporting trend line at $8.6000.
The crash on the 19th saw the support line quickly evaporate, triggering a second leg lower and shaving another 50% off the price.
The 4-hour chart shows us the price acceleration once it broke the supporting trendline. The move to the low was fast, and the liquidation, brutal.
The EOS price did manage to pare some of the losses later in the session and rallied +60% to $7.0450.
Since then, the price has fluctuated between $5.0000 and $6.9000. Despite the lower valuation, we still haven’t seen enough buying to clear $7.0000.
The EOS price is currently capped at this level, and unless it manages to trade higher through $7.0000, it may well reverse lower.
If EOS can push through resistance, it would target the 17th of April high at $8.8650. This sits just below the important trend line at $8.9020.
Therefore, I would consider this to be a very strong area of resistance. on that basis, if the price recovers back above the trend, it would suggest it can go materially higher.
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