EOS: Clawback likely
|- Small breakout seen, but lack of volume is a dampener.
- EOS stuck in a downward sloping parallel channel.
EOS, although has given a small breakout on the medium term charts, but given the lack of volumes in the weekend trading, chances of this breakout sustaining on the upside are very slim and it may drop back into the downward sloping channel.
EOS/USD is down just under 1 percent on day at $2.788, around low point of the day. On the 360-minute chart of the crypto, it managed to break out of the downward sloping parallel channel over the weekend driven low volume trading. Its this characterstic of low volume that makes this breakout untrustworthy for the bulls to rely on.
Real test for the bulls will be on Monday when volumes return and bulls as well as bears equally try to gain control of the battleground. Immediate strong resistance is placed around $3.03 in the form of 100 days SMA and support around $2.62 in the form of 50 days EMA.
EOS/USD 360-minute chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.