EOS Price Analysis: EOS/USD has been moving within a descending channel, testing the upper trend line for a breakout to move back north
|- EOS price on Friday nursing minor losses of 0.5%, with the crypto market seen down across the board.
- Price action for EOS/USD has formed a descending channel, with bulls testing for a breakout higher.
The EOS price was seen down marginally on Friday 0.5%, in line with weakness seen across the crypto market. Failing to sustain the bullish momentum that was seen at the start of the week, but evidently run out of steam.
EOS/USD is heading towards its third consecutive session in the red, after running into resistance within a strong touted supply zone at the beginning of the week. Highs were initially seen at $9.35, the supply tracking from $9.25-9.45.
Technically, the price action has formed a descending channel pattern, with bulls currently at time of writing testing the upper trend line, pending a breakout so it seems. Resistance seen just at $8.40-8.45 area. Support tracking at $8.12 (support on 60-minute chart) and then $7.82.
EOS/USD 60-minute chart
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