Ken Chigbo
Independent Analyst
- EOS price paring back strong gains seen during Monday’s session.
- Bullish momentum has slowed down for EOS/USD as seen across the crypto market.
The EOS price was seen nursing very marginal losses on Tuesday of around 0.5%, as a cooling is seen across the crypto market, with the bullish momentum that was seen on Monday losing steam. Given the large surge that was seen, it isn’t too surprising the current behaviour being observed.
As a recap, on Monday the EOS/USD price made an impressive bull move of around 12% higher, it is now heading back towards the top of the broken wedge pattern, where the price may look to retreat ahead of its next confirmed bull move.
Technically, EOS/USD still has the potential to see some buying pressure, given the wedge breakout, a confirmation would be seen should the price retest and then produce a strong candle bouncing off the pattern. Support is seen initially at a demand zone, $8.55-8.38, then above the broken wedge at $8.25.
EOS/USD 4-hour chart
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