- EOS seen nursing some minor losses on Friday of just under 1%, managing to stabilise for now after weighted pressure was seen overnight.
- A bearish pennant formation has been broken to the downside by the bears, inviting further selling.
The EOS price was seen nursing minor losses of around 0.70% in the latter stages of Friday’s session, after managing to stabilise, following the selling pressure overnight across the cryptocurrency market.
EOS/USD had been forming a bearish pennant pattern, the bears managed to breakthrough this overnight, forcing support to come into play just above $7.00. This is further confirmation that the bear market is still very much to stay for now, as has been demonstrated throughout the week and the back end of last week.
Technically, given the recent break from the pennant, EOS/USD does appear vulnerable to additional selling. There is a demand zone that came into play during the pressure, tracking from $6.90-7.05. Prior to this sees a buying area, which is running from $7.30 down to $7.15.
EOS/USD 30-minute chart
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