EOS Price Analysis: EOS/USD fails to maintain bullish ground, however large upside move could still be in the waiting
|- EOS is seen tradin down 2.5% on Thursday, as the price sets up for a potential bull move.
- EOS/USD price action has formed a bull flag pattern, which is subject to a breakout.
The EOS price was seen down 2.5%, as the bulls lose ground following the double top formation seen on Wednesday. EOS has had a solid week so far, in line with the rebound in cryptocurrency prices across the board.
EOS/USD has made great progression on its path of retracement, gaining almost 30% in the past two weeks, where the price was at lows just above the $7 mark. The change in sentiment came after the market was some what oversold, following three consecutive weeks of hard selling across the board. EOS has initially dropped some 50% within that time frame.
Technically, looking at the 60-minute chart, EOS/USD could see another short pull back before a decent push higher, but there is some resistance in its was first of all. Initially seen just above $9 area, where the 50% Fibonacci sits and the upper part of the bull flag pattern. A break above can see the top for the 3rd and 4thJuly tested at $9.43. Support currently tracking between $8.40-8.55 where a decent demand zone is seen.
EOS/USD 60-minute chart
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