EOS price analysis: EOS/USD settles in a short-term breakout bullish flag pattern supported above $8.00

EOS is trading a bullish flag pattern with a supported above $8.00 pending an upside breakout in the medium-term. The recent bullish movement lost its mojo marginally above $9.1, leading to lower corrections. The cryptocurrency is still reacting to the double-top pattern analyzed yesterday.

The downside movements on the day have tested the 200 SMA support on the 3-hour timeframe chart. However, the buyers entered pushing the price upwards but intraday movements are capped below $8.5. EOS is heading into a breakout in the near-term. Besides, the stochastic and the moving averages on the same chart show the growing bullish pressure.

There are several supply zones at $8.5, 8.68 and the 50% Fib retracement level between the highs of $11.62 and lows of $6.69 at $9.16. Trading above $8.5 will pave a path towards the other upper supply zones. There are several support areas; the 50 SMA, the 200 SMA, and at $8.0. Significantly, if the above supports give in to bear pressure, the 23.6% Fibo will hold above $7.5.

In other news, EOS network has emerged top for the second time in the Chinese government blockchain rankings. These are the third rankings released by the state-backed China Electronic Information Industry Development (CCID). The ranking takes into account aspects such as technology, the application as well as innovation. Ethereum comes second while Bitcoin is ranked at the 15^th position.

EOS/USD 3-hour chart