EOS (EOS/USD) big breakout imminent, price heading back up to $23?

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  • EOS price on Wednesday was seen nursing minor losses in the session, down just some 0.45%.
  • EOS/USD moving within a narrowing triangular pattern, a breakout is very much imminent.
  • Price continues to float around levels seen in April, when it went on to big heights.

 

EOS/USD was trading down in the latter stages of Wednesday’s session, as price action continues to narrow within a triangular pattern. Prices remain mixed across the market, but it does appear life is kicking back in, with more movement seen.

Price action has formed a triangular pattern, given the range-bound and narrowing nature, over the past week. On another note, it is quite interesting to observe that the price is consolidating within a similar area that was seen in April this year. Back during that period, the price was also within a range-bound state of trading, but it then went on to rally up to $23 over three weeks.

Given the narrowing, a breakout appears to be right around the corner for EOS/USD. Near-term resistance is eyed at $5.50, the upper part of the above-mentioned pattern, in proximity to the 50MA on the 4-hour chart. Support is immediately seen at $5.44 the lower trend line of the triangular pattern formation.

 

EOS/USD 4-hour chart

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