EOS Price Analysis: EOS/USD jumps over 13% in afternoon trading on Monday, breaking out from range-bound wedge pattern
- EOS/USD rallies over 13%, as bulls take control of the crypto market wise in the afternoon on Monday.
- Near-term resistance seen at $9.18 and then $9.27, support $8.50, $8.25.
The EOS price managed to run away with decent gains on Monday, after dealing with some heavy selling pressure at the back end of last week. EOS/USD has been moving within a range-bound wedge pattern, seen on the 60-minute chart, before the bulls managed to break higher.
EOS/USD received a decent boost, with the strong buying seen across the market. The price was seen at lows of $7.03 just last week, after choppy trading was observed and a lack of firm commitment, but bears were not allowing the price to head north, as any small upside seen during the week was sold.
Technically, given the most recent range breakout, EOS/USD looks susceptible to some further buying pressure, should the price manage to take break through resistance at Monday’s highs, $9.18. Next upside resistance would be $9.75 (61.8% Fibonacci). Support in the near-term is seen at $8.50, a previous supply zone, now likely to be see some buying around the area, and then $8.25, on top of the broken wedge pattern.
EOS/USD 60-minute 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.
