EOS Price Analysis: EOS/USD off to the races as price breaks out from descending channel, here come the bulls
|- EOS seen holding chunky gains of some 5% on Monday, as life is kicked back into the bulls.
- EOS/USD has broken out from a descending channel pattern, that had been containint the price from 17th August.
The EOS price was seen up on Monday with decent gains of over 5%, with some life coming back into the bulls, after a quiet past few sessions. There has been much range-bound trading across the crypto market, with bulls making big step towards range-breakouts.
EOS/USD has been contained within a descending channel formation, which commenced back on the 18th August, after hitting highs, before running into chunky sellers around $5.64. The price managed to move to highest levels since 22 August, running into similar resistance at the highs.
Technically, given the above-mentioned channel breakout, EOS/USD looks susceptible to some buying pressure, but will need to clear the resistance seen around $5.30-5.36. Should the bulls manage to press ahead, a retest of the 18th August highs should come back into play at $5.65. Support is tracking near-term at $5.10 and then back above the broken channel at $4.93.
EOS/USD 60-minute chart
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