EOS Price Analysis: EOS/USD price action narrows, after tanking over 30% during the weekend, continued being eyed by the bears

  • EOS price has plummeted over 30% in the past couple of sessions.
  • Another leg lower could be imminent, given recent price behaviour seen on Monday.

 

The EOS price was down on Monday 1.7%, somewhat stabilising after the flood of selling that was seen during the weekend. Pressure was seen across the crypto market, all of the major altcoins moving in lock-step.

EOS/USD has plummeted over 30%, being one of the majors that were biggest hit during this bear market dominance. EOS fell from $14.85 down to lows of just above $10. An area that has previously demonstrated buying interest.

Technically, the price behaviour suggests another leg lower could be pending, given the narrowing in price action seen during Monday’s session. EOS/USD appears to be forming a bearish pennant pattern, as seen on the 30-minute chart. Support within the near-term tracks from $10.13-45. Resistance to the upside seen at $10.95 the upper part of the pennant and also the 50MA tracks just above.

 

EOS/USD 30-minute chart


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