EOS has fallen back towards the lower end of its medium-term trading range, as bulls continue to struggle to overcome the cryptocurrency’s 100-day moving average.
EOS technical analysis shows that the cryptocurrency needs to rally above the $3.10 level to encourage medium-term technical buying.
EOS/USD medium-term price trend
EOS has started to move back towards the $2.50 support level, as traders and investors continue to move into DeFi cryptos and shun many of the larger altcoins.
EOS price analysis shows that the cryptocurrency remains technically bearish while the price trades under the $2.90 level.
Bulls need to stage a breakout above the EOS/USD pair’s 100-day moving average, around the $2.60 level, to encourage a technical test of the cryptocurrency’s 200-day moving average, around the $2.90 level.
That daily time frame shows that once the price moves above the $2.90 level, the $3.10 and $3.80 levels offer the strongest form of technical resistance.
If sellers move the price under the $2.50 level, then a decline towards the $2.30 and, possibly, the $2.10 level may take place.
EOS/USD short-term price trend
EOS/USD price analysis shows that the cryptocurrency only has a short-term bullish pattern while the price trades above the $2.50 level.
The four-hour time frame currently shows that a bearish head-and-shoulders pattern is looming over the EOS/USD pair.
If the price moves under the neckline of the bearish pattern, around the $2.30 level, then a decline towards the $1.20 level may take place.
Technical analysis shows that bulls need to rally the price above the $3.10 level to invalidate the bearish price pattern.
If the pattern is invalidated then the EOS/USD pair could soar towards the $3.80 resistance level.
EOS/USD technical summary
EOS/USD technical analysis shows that bulls need to move the price above the $3.10 level to invalidate a bearish head-and-shoulders pattern, which continues to loom over the cryptocurrency.