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EOS/USD sees bearish breakout following price drop in crypto market

FX Street
Updated:
  • EOS/USD price does bearish breakout from triangle following a sudden drop in the crypto market.
  • Bulls need to break through resistance at $2.42 to reverse the market trend.

Following the sudden drop in the crypto market, EOS/USD has suffered a bearish breakout. EOS/USD’s value has gone down from $2.40 to $2.34 within 3 hours. The bulls currently face the uphill task of rallying together and breaking past the resistance at $2.42.  

EOS/USD daily chart

The drop in overall crypto market valuation has caused a bearish breakout in the EOS/USD market. The 20-day simple moving average (SMA 20) curve has crossed over the market after four days as a result of this breakout. This further indicates that the market has entered a bearish phase. Currently, the bulls need to break past the resistance offered by the $2.42 resistance line and the downward trending line.

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