EOS price analysis: EOS/USD head and shoulders pattern focus on tested neckline

Head and shoulders pattern has formed on the daily time.
A break of the neckline could open doors for large downside.

Ken Chigbo Independent Analyst

The EOS price has consistently been under pressure during Wednesday’s session. Across the crypto market has observed a cooling in prices, without any particular fundamental catalyst driving this move.

Bears are dictating the current trend within the market this week and excreting much selling pressure. EOS/USD can be seen forming a head and shoulders pattern on the daily time frame, the price currently testing the neckline.

Looking technically, should the price breach and close below the neckline, which is at $6.25, could open door to some large downside. A drop could be as much as 50%, towards the lows seen in December at $3.22. On the flipside, should the price regain bullish momentum, next upside target seen back at the $9.00 region.

EOS/USD daily time

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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