EOS/USD analysis: The altcoin price fell by 9% from yesterday

From Monday's high at $2.06 the price of EOS has fallen by 9.47% measured to the current levels of $1.874 on FXOpen.

On the hourly chart, the price action created an ascending channel. The EOS/USD pair was in the channel since last Friday and today we see a breakout to the downside. Since the price is in a downward trajectory, the cryptocurrency pair will search for support and a minor retracement back to the upside is expected before a trend continuation.

The altcoin price peaked at $2.115 which previously was a support level, so this could be interpreted as a retest of resistance before going downside. If EOS goes higher from here I wouldn't expect it to go beyond that level. The cryptocurrency most likely is going to be rejected at the horizontal levels below it at $1.98.

If the price continues its downward trajectory from here without an increase, a retest of the prior low level at $1.61 is expected.