EOS price analysis: EOS/USD reacts to a double-top pattern; declines are imminent

• Technical indicators on EOS/USD chart show bearish signals for the short-term.
• EOS price is likely to test the support at $8.4 before bouncing to re-attack $9.00.

EOS price is currently correcting lower after trading a double-top pattern close to the critical resistance at $9.0. EOS/USD is up over 5% on the day, although it is currently trimming gains. At the beginning of the week, the price struggled with the resistance at $8.4, where bear reactions occurred testing the support at the 38.2% Fib retracement level between the highs of $9.12 and lows of $6.77.

A bounced took place during the early hours of trading yesterday and EOS price traded higher highs and higher lows. The bullish trend tested the resistance at $9.00 (forming a double-top pattern). The crypto is currently trading at $8.5 while a bearish trend is in progress. There is a short-term support at $8.5, but if it in gives in to selling pressure, $8.4 (former resistance turned support) will hold the price.

The MACD on the 2-hour chart is beginning to head south towards the negative levels to show the rising selling pressure. Moreover, the moving averages gap on the same chart is increasing, confirming the selling pressure. EOS is likely to fall to the support at $8.40 before bouncing back up to attack the resistance at $8.4.

EOS/USD 2-hour chart