EOS Price Analysis: EOS/USD may have left an opportunity open for the bears to regain control, after failing to sustain the bullish momentum seen at the start of the week
|- EOS down over 3% on Friday, as the bulls fail to sustain momentum started on Monday.
- EOS/USD moving within a ascending channel, potentially subject to a break lower, should bears regain total control.
The EOS price was seen down over 3% on Friday heading into the end of the week, as the bullish momentum runs dry, following the big run seen on Monday. Key support has come into play with the recent pullback observed.
EOS/USD had initially jumped on Monday some 16%, a strong start to week it had, before entering into a period of choppy trading, then a pullback, giving most of the gains back. The price is moving within an ascending channel pattern.
Technically, should the recent support not hold up, as mentioned above with the formation of an ascending channel, if breached can open the door to some chunky selling. Near-term support is seen at $8.33 area, lower trend line of the channel and within a touted demand zone.
EOS/USD 4-hour chart
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