EOS: Clawback likely

Small breakout seen, but lack of volume is a dampener.
EOS stuck in a downward sloping parallel channel.

Manoj B Rawal Independent Analyst

EOS, although has given a small breakout on the medium term charts, but given the lack of volumes in the weekend trading, chances of this breakout sustaining on the upside are very slim and it may drop back into the downward sloping channel.

EOS/USD is down just under 1 percent on day at $2.788, around low point of the day. On the 360-minute chart of the crypto, it managed to break out of the downward sloping parallel channel over the weekend driven low volume trading. Its this characterstic of low volume that makes this breakout untrustworthy for the bulls to rely on.

Real test for the bulls will be on Monday when volumes return and bulls as well as bears equally try to gain control of the battleground. Immediate strong resistance is placed around $3.03 in the form of 100 days SMA and support around $2.62 in the form of 50 days EMA.

EOS/USD 360-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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