Technical Analysis for EOSUSD for 26th May 2022
EOS Consolidates in a $0.20 Zone, it’s Down 60% from 2022 Peaks
Past Performance of EOS
EOS prices are stable versus the USDT. Buyers still haven't unwound the losses of May 12 as per the EOSUSDT candlestick arrangement in the daily chart. Overall, EOS is within a tight horizontal consolidation with caps at $1.44 and $1.23.
EOS Technical Analysis
Presently, EOS crypto prices are inside a bear bar of May 12, suggesting weakness from an effort versus results perspective. The failure of bears of early May 2022 to press lower and confirm sharp losses of May 11 and 12 is a net positive for EOS bulls. However, if buyers could build on this slow down to reverse losses of May 11 and 12 above $1.44 and, ideally, $1.75, bulls would have stood a chance. Since the primary trend is bearish, but without convincing confirmation, traders can wait for a close below $1.23 to double down on shorts or $1.44 to cautiously load while targeting $1.75. A break below $1.23 may force the EOS coin back to $1.10, or 2022 lows, in a bear breakout continuation pattern.
What to Expect from EOS
EOS is down roughly 60 percent from 2022 highs. A recovering crypto market may steer bulls higher. However, this depends on the rapidity of the bullish breakout above $1.44 to nullify sellers of early May 2022.
Resistance level to watch: $1.44
Support level to watch: $1.23
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