EOS: Price Analysis, June 08

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EOS/USD

EOS triggered our buy recommendation specified in the previous analysis when it closed above the 50-day SMA. However, the bullishness was short-lived as it has declined sharply today, giving up most of the gains of the previous day.




EOS




The EOS/USD pair has a strong support zone between the 20-day EMA and $12.987. If this support zone breaks, the cryptocurrency will become negative and slide to $12 and below that to $10.3384. Therefore, we have suggested keeping the stop loss close to $12.5 levels.

As the support zone is just below the current levels, we suggest holding the long positions with the designated stop loss. We are not bailing out of the position yet because both the moving averages are trending up and the price has still not broken below the 20-day EMA.

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