EOS (EOS/USD) may not be heading for that fast 300% upside move after all

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  • EOS/USD trading with minor gains of 0.3% late on Thursday, however price vulnerable to another sell-off.
  • Price action moving within a rising wedge pattern and upside capped by descending trend line.

 

The EOS price during late trading on Thursday, was seen up with marginal gains of some 0.30%. Despite trading in positive territory through most of the session, EOS/USD price behaviour continues to demonstrate vulnerabilities.

EOS/USD is moving within a rising wedge pattern, as seen on the 60-minute chart view, which could also be viewed somewhat as a bearish flag. The price has been rejected from further upside, by a descending trend line, running from 21st October.

As mentioned above, it wouldn’t be too surprising if the selling pressure kicks back in. Near term support is eyed at $5.4475, lower trend line of the rising wedge. Further south, eyes will be on $5.3269, 19th October low. Immediate resistance can be seen at $5.4710, descending trend line and the upper part of the wedge pattern.

 

EOS/USD 60-minute chart

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