EOS Price Analysis: EOS/USD has the pennant pattern power, bulls are sitting patiently for the moment, before another potential decent breakout

• EOS seen holding firm ground on Wednesday, gains of 1.60%, following the bullish destruction in the latter stages of trading on Tuesday.
• A bullish pennant pattern can be seen on the 60-minute chart for EOS/USD.

EOS price held firm footing on Wednesday with gains of 1.60%, building further on the mass gains seen late on Tuesday across the crypto market. It has flirted in and out of the $9.00 territory for much for the session.

Following on from the bullish finish to Tuesday’s session, EOS/USD has somewhat calmed, given the large move in such a short time frame. It isn’t too surprising to see such behaviour and for that move to resume after a brief pause, as was seen between 16-17th July.

Technically, given the recent breakout and now the easing in price action, there is a high potential of the bull move resuming in the near-term. A large move to the upside can see a standard form of consolidation, before another extended move higher. The price action is currently capped within a bullish pennant pattern, subject to a breach. The resistance is seen just ahead at $9.06, with support at $8.80.

EOS/USD 60-minute chart