According to the price analysis by Jeremy Martinez, a technical analyst at crypto trading platform, EOS has been trading close to the overhead resistance of $3.1534 for the past three days. This shows that the sellers are losing their grip. However, until the price scales above the downtrend line, the risk of another leg down remains.

If the bears sink the price below the small uptrend line, a retest of the recent lows of $2.4001 will be in the cards. A drop below this level can drag the price to yearly lows.

However, if the bulls can push the price above the downtrend line, it will signal the end of the downtrend. Above the downtrend line, the EOS/USD pair can move up to $4.8719. This level might act as a stiff resistance but once scaled, momentum is likely to pick up. Martinez from will wait for the price to sustain above the downtrend line before recommending a trade in it.


Please enter your comment!
Please enter your name here