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Technical Analysis for EOSUSD for 5th August 2022

EOS drops 17% in a Retest, Immediate Resistance at $1.43

Past Performance of EOS

EOS contracted on August 4, mirroring the general performance of the crypto market. Currently, EOS is up three percent on the last trading day and firm as per arrangement in the daily chart. The immediate support level lies at $1, and EOS is within a bullish breakout formation.

EOS Technical Analysis

EOS is down 17 percent from last week's highs, but, as aforementioned, buyers have the upper hand. Even though prices retraced in a retest on August 4, bulls can double down on any attempt lower above the $1 round number with targets at $1.43 in the short term. Still, there is a concern because of the three bar formation from July 30 to August 1, signaling weakness. Conservative traders can wait for a break above $1.43 to target $1.90 or losses below $1 and ride the downtrend to $0.87 in a bear continuation formation.

What to Expect from EOS

EOS is bearish from a top-down preview, but prices are solid in the short term and in a bullish breakout formation. A close above last week's highs could lift the coin towards Q1 2022 lows in a retest.

Resistance level to watch: $1.43

Support level to watch: $1

Disclaimer: Opinions expressed are not investment advice. Do your research.

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