On Thursday, the EOS to USD trading pair gained momentum and started to build up. Unfortunately, by Friday, the pair had lost 6% of the value after it found some resistance within the middle range of the $11 region. Irrespective of the sell-off during today’s session, a bullish pattern has been spotted on the 30-minute price chart for Ether to USD.
The Friday losses cost EOS the gains it recovered from the lately hours of the trading session on Thursday. The price initially went up by 18% before it reached the resistance and could not break through.
The EOS/USD trading pair was dominated by the bears throughout this week but EOS wasn’t the only coin suffering. The entire cryptocurrency market has been bearish since the beginning or the week and all the correction attempts were only temporary. This is the second week EOS is trading in red consecutively. EOS has lost over 50% of its value from the last week of April.
EOS Technical Analysis
From the technical point of view, the bears still have momentum despite the previous price action. On the plus side, the recent price action has formed a bullish flag which makes it subject to an upside break. The support is at $10.46 which is the lower trendline of the pattern. The resistance is at $10.81 which is the upper trendline of the bull flag as well as the 50 moving average from the 30-minute EOS to USD price chart.
What will the next few trading sessions bring? Will EOS rise above the challenge or will the bears control the market indefinitely? Even if the bears are dominating the market, the bulls still have a fighting chance against the bears. If the bull pattern that is forming completes, the price action may change in favor of the bulls. Otherwise, the price may remain stagnant or reduce even more.