Price Analysis as EOS is Down 42% On The Week

Price Analysis as EOS is Down 42% On The Week

EOS (EOS) has broken below the $2.80 support today, before making a new one-year low at $2.30.

The coin is now 32% down from the weekly high of $3.40.

In the days following the completion of the world’s biggest ICO ($4.2bn), EOS has managed to trade above the $15.5 level. Hence, the coin has lost 85% of its value in the post-ICO period.

Despite hitting a new one-year low today, EOS blockchain transactions managed to break to new heights yesterday, as it succeeded to complete 47,582,321 transactions during the course of 24 hours. It equals 550 transactions per second and sets a new record in the blockchain ecosystem.

Recently, EOS has found itself in the center of controversy when it appeared that a moderator reversed transactions which had already been confirmed by the protocol. Yahoo Finance reported that “a dispute, allegedly involving a phished EOS account was referred to one of the platform’s so-called “arbitrators” who decided to reverse transactions that occurred without the owner’s permission”.

We are not sure whether this provided additional support to EOS’ bears to push the price further lower, but the fact that EOS is currently the only currency that is making the new lows speaks for itself.

Graph 1. EOS (EOS) daily chart

Since breaching the symmetrical triangle support just above the $5 mark, the price slid to the recent $2.3 low. On its way to the new one-year low, it breached the 88.6% Fibonacci retracement zone and the horizontal support (the upper purple line).

The trajectory suggests that it wants to test the next level of support – $2.1, which represents another horizontal support (the lower purple line).

Below the $2.1-2$ zone, not much support is to be seen. Thus, a reaction from this level can be expected since the alternative scenario could ultimately crush any hopes for the EOS’s bulls.

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