EOS price analysis: EOS/USD bulls fail to break down $12 resistance territory, down 1.5% on Friday

• EOS price analysis: EOS/USD bulls fail to break down $12 resistance territory, down 1.5% on Friday
• EOS price further underperforms on Friday, heading for fifth consecutive week in the red.
• Sellers are camped within the $12 region, ranging from $12.60-13.10.

The EOS price was seen down 1.5% on Friday, after the bulls lost momentum in the back end of the previous session. EOS/USD once again ran into the heavy supply zone, which is situated within the mid $12 region.

Some real underperformance has been witnessed for EOS/USD, in comparison to its peers within the cryptocurrency market. EOS is heading for its fifth consecutive week closing in negative territory, dropping over 50% within this time.

EOS/USD has been stuck within a $1.5 range for the almost two weeks now, having formed a wedge pattern, which can also be perceived as a bearish pennant formation. Support is seen at $11.15, which is where the lower trend line of the mention pattern tracks, a breach here would see the buying zone come into play, which in the mid $10 region. Resistance to the upside remains problematic between $12.60-13.10, a chunky supply zone.

EOS/USD 60-minute chart