EOS Price Analysis: EOS/USD bears bite bulls in the backside to regain driver’s seat, but ascending channel remains intact


  • EOS was seen down a chunky 4% in the first day of the trading week, cooling seen across the crypto market.
  • EOS/USD price is moving within an ascending channel, supported for now despite bears control.

The EOS price lost much ground on Monday, dropping around 4% in the session, as the crypto market pricing across the board was seen to be cooling. EOS lost upside momentum after touching the upper part of an ascending channel on 18th August.

As mentioned above, EOS/USD despite the bear bite on Monday, the price is still gradually bouncing higher within an ascending channel pattern formation. The price got sent back south by the bears, after the high print on 18th August at $5.65.

Support has come into play at the lower part of the ascending channel, which was seen at $4.95 area, in proximity to the 50MA.  Next upside resistance for EOS/USD will likely be seen at those 18th August highs and then $5.95, where the upper trend line of the channel currently now tracks.

 

EOS/USD 4-hour chart


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