Ken Chigbo
Independent Analyst
- EOS/USD was hammered on Friday, dropping as much as 6%, after running into resistance within mid $11 region.
- Despite the sell-off seen during the session so far, a bullish flag pattern can be seen on the 30-minute chart.
The EOS price was hit hard on Friday, nursing chunky losses of around 6%, as it gives back the decent gains seen in the latter part of Thursday’s session. The price had initially made a jumpy of some 18%, before running into resistance.
EOS/USD has been dominated by the market bears this week, like much of the crypto market in general, this is pushing EOS to its second consecutive week in the red. Since the week commencing 30th April, it has lost over 50% in value.
Technically, despite the choppy price action, momentum is with the bears at this moment in time, however recent price action has formed a bull flag, which could be subject to a breakout to the upside. Support seen at $10.46, the lower trend line of the pattern, with resistance seen at $10.81, upper trend line of bull flag and 50MA, as observed on the 30-minute chart.
EOS/USD 30-minute chart
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