- EOS/USD drops 4% on Friday, following the price hitting a top at the 4th June highs.
- EOS price heading for another week close in the red, failing to build on last week’s momentum.
The EOS price was hit with losses of around 4% on Friday, after an initially decent start to the session, making a break out of wedge pattern seen on the 60-minute time frame. The problems occurred when EOS/USD ran into a top at 4th June highs, where resistance is evident.
Like several other major altcoins, EOS/USD is heading for a negative close on the week, coming after it managed to produce a close in the green, after 4 straight weeks of losses. This shows currently that the overall longer-term trend is still bearish, the market is yet to escape this.
EOS/USD continues to move within a wedge pattern, current price behaviour suggests EOS could be vulnerable to another breakout to the downside, if it fails to convincingly break the wedge and close above. Support is seen as demonstrated at today’s (Friday) lows, $13.53, lower trend line of pattern. Further south a safety net is seen at $12.85, 5th June lows and a demand zone. Resistance still evident at the upper part of the wedge at $14.60, then the top seen at $14.88.
EOS/USD 60-minute chart
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