- EOS price bounces off the support at $2.85 to settle above $3.00.
- EOS bulls must first defend support at $3.00; then focus on breaking the wedge pattern resistance.
EOS is surprisingly in the green on Tuesday as the Asian session paves the way for the European session. EOS/USD steadily recovered from the dive to $2.85 after falling victim to the selloff that ravaged through the cryptocurrency market on Sunday and Monday. The price is dancing at $3.07 at the time of writing. Advance towards $3.50 is an uphill task based on the prevailing technical picture.
The RSI is slowly recovering from the oversold and marks the return of the bulls. The volume of buying entries is still low as many investors are skeptical that EOS is done with exploring the downside. Moreover, the MACD shows that the buyers have the urge and the push to pull the price higher but either lack the power to do or selling activities overwhelm them.
A falling wedge pattern is, however, in formation. In other words, there is a possibility the current losses will culminate in a rally towards the 2020 high at $5.5. EOS bulls need to be very aggressive starting with the defends of the $3.00 support and then focus on breaking the wedge pattern resistance.
EOS/USD 4-hour chart
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