EOS Price Analysis: EOS/USD forms a descending wedge pattern, a breakout to the upside looks possible as bulls look for relief rally
|- EOS was trading marginally within negative territory on Wednesday, after the heavy bought of selling in the prior session.
- EOS/USD consolidation has formed a descending wedge pattern, which could be subject to a breakout north.
The EOS price was seen nursing very minor losses of 0.50% on Wednesday, as price action was in consolidation mode after the heavy selling in the prior session. Soft trading is still seen across the board, with mixed prices for the major altcoins.
Since EOS/USD made another attempt at trying to break down the heavy supply zone, which tracks fresh into the $9 territory, downside pressure has consistently lingered. Each time a relief rally is observed for the bulls, bears pile in to sell those.
Technically, there may be some short-term upside for EOS/USD, within this period on recent consolidation, price action has formed a descending wedge pattern. By the textbook, a breakout would usually be seen to the upside. EOS is flirting around consolidation levels that were seen on 16thJuly, before a chunky bull run, moving all the way back above $9.00, after coming under pressure.
EOS/USD 60-minute 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.