EOS price analysis: EOS/USD breaks out to the downside from bearish pennant formation

EOS holding heavy losses of 7% during the late stages of trading on Monday.
EOS/USD breaks out of a bearish pennant to the downside, opening door to further pressure.

Ken Chigbo Independent Analyst

The EOS price is seen nursing losses as much 7% during the later stages of Monday’s trading session. EOS initially hit highs today around $6.20, before entering back into a bear market, after the price ran into some heavy resistance.

Across the crypto market, with many of the other major altcoins, they have moved in locks-step, all getting knocked back by touted resistance, at around the same time of the day. There was a bearish pennant formation seen on the 1-hour time frame, for EOS/USD. The price has been edging lower since touching the upper trend line of the pattern.

Looking technically, EOS/USD has in very recent trading broken out to the downside, from the above mentioned bearish pennant formation. Next level of support is eyed at the 10th March lows, touted bidding area, $5.40. Further to the downside, should the bears maintain control of the price lower, look at $5.20 as a possible safety net.

EOS/USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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