EOS Price Analysis: EOS/USD bears bite bulls in the backside to regain driver’s seat, but ascending channel remains intact
|- EOS was seen down a chunky 4% in the first day of the trading week, cooling seen across the crypto market.
- EOS/USD price is moving within an ascending channel, supported for now despite bears control.
The EOS price lost much ground on Monday, dropping around 4% in the session, as the crypto market pricing across the board was seen to be cooling. EOS lost upside momentum after touching the upper part of an ascending channel on 18th August.
As mentioned above, EOS/USD despite the bear bite on Monday, the price is still gradually bouncing higher within an ascending channel pattern formation. The price got sent back south by the bears, after the high print on 18th August at $5.65.
Support has come into play at the lower part of the ascending channel, which was seen at $4.95 area, in proximity to the 50MA. Next upside resistance for EOS/USD will likely be seen at those 18th August highs and then $5.95, where the upper trend line of the channel currently now tracks.
EOS/USD 4-hour 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.