- EOS/USD up with marginal gains on Tuesday of almost 2%, however price rejected by upper trend line of descending channel pattern.
- Next downside support is eyed at $13.26 and then further south at $13.00-12.62.
The EOS price was seen holding gains just shy of 2% on Tuesday, as price attempts to recover the soft past couple of sessions. Cooling in pricing seen on both Sunday and Monday, was not too surprising given the large jump observed last week.
After managing to break higher from a sideways moving wedge pattern last week, the price hit tops around the mid $15 region. Since EOS/USD has been cooling from those highs, with price action having now formed a descending channel pattern, which could subject to another breakout to the upside.
As mentioned above, a descending channel has formed, as the textbook plays out, a break higher could be seen from this pattern, however some further downside appears to be looming first. EOS/USD touched the upper part of the channel and was rejected around $13.81, next support is seen above the wedge pattern that was breached last week, tracking at $13.26. Should a breach be seen, a previously supply zone, can now be potential support, from $13.00-12.62.
EOS/USD 30-minute chart
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