EOS price analysis: EOS/USD drops 5% and breaks ascending channel on Thursday
- EOS is a clear underperformer on Thursday, down 5%, as price breakout of ascending channel.
- The price is currently pulling back underneath the channel pattern, eyes on potential for a retest and continued move south.
The EOS price is seen down 5% on Thursday, one of the underperformers in the session today. Across the crypto market, looking at the other major altcoins, much green is seen with many looking at resuming the bullish bias of late.
EOS/USD had been moving at quite some pace to the upside and within a fast-ascending trend line. The formation of this pattern seen on the 4-hour time frame, had commenced back on the 11th April, where the price started to gain some large momentum within a bull run.
Technically, given the recent break to the downside from the mentioned ascending channel, where $17.90 support gave way, it has opened EOS to some further weakness. Resistance is now seen under the channel, tracking at $18.40, which could see the price retest, then continue south. There will be a strong case for a further fall if the price closes below on the daily.
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.
