EOS/USD suffered a decline at the close of trade, dropping by as much as 6 percent after only running into an 11 USD resistance level a few days back. Despite this sell-off, you can spot a bullish sign via the 30-minute chart. The price of EOS was stricken this weekend, nursing substantial losses to the tune of 6%. This downturn means the digital asset is giving back some of the decent gains it made in the latter part of trade last Thursday. EOS price had made a jump initially by 18%, before running into the current resistance.
The EOS/USD pair have been dominated by market bears this week, and much like the rest of the digital token market in general, the current scenario is pushing EOS to the second consecutive week it has traded in the red. In fact, since April 30, the digital asset has lost 50% in value. Technically, putting the choppy price action aside, the momentum is now with the bears presently. Although the recent price movement has created a bull flag, which can be subject to another breakout to the upside which will be positive. Support can be seen at 10.46 USD, the lower shift of the pattern, with some resistance seen at the 10.81 USD level, upper pattern of the bull flag and the 50MA, via the 30-minute chart.
EOS/USD Correcting Presently
EOS rebounded well from the 9.0887 USD level attained on June 13. It managed to scale above the 10.3384 USD level, a bullish sign. The pair is correcting today, but if the bulls should stem the fall beyond the 9 USD levels, it will show the end of the retracement. We recommend an extended position after the price breaks away from the 20-day EMA as well as from the downward pattern. If the bears rally below 9 USD, it will indicate weakness allowing the digital currency to move to 8 USD and 6 USD. A clearer picture of the market movement should be derived in a few days.