EOS price jumps 4% and targets $2.64 as buying pressure continues to mount

EOS price was bounded inside a descending wedge pattern formed on the 4-hour chart. The digital asset had a notable breakout several hours ago, jumping from $2.48 to $2.59 within hours. The initial price target for the bulls is $2.62. 

Can the bulls keep up with the current pace?

The breakout of the descending wedge is a significantly bullish indicator in the short-term. Using the height of the pattern as a reference, the first key level seems to be at $2.62, which is the high established on November 7.

EOS/USD 4-hour chart

Additionally, the MACD just turned bullish again for the first time since November 4. The last bull cross took EOS from $2.13 to $2.62, seeing a 13% jump. Another 13% move would drive EOS price towards $2.81.

EOS/USD 1-hour chart

On the other hand, it seems that the TD Sequential indicator is about to present a sell signal on the 1-hour chart for EOS. It’s often the case that after a breakout from a wedge, the digital asset price comes back down to re-test the upper boundary. In this case, the price target would be $2.47.