EOS has fallen to its lowest trading level since July 2020, as the top cryptocurrencies are dragged lower by risk-off sentiment and a drop in the value of Bitcoin.
EOS technical analysis shows that bearish breakouts on the lower and higher time frames are currently underway.
EOS/USD medium-term price trend
EOS has fallen to a multi-month trading level, as the technicals surrounding the cryptocurrency appear increasingly bearish.
EOS price analysis shows that the cryptocurrency has fallen below a large triangle pattern and is vulnerable to further technical selling.
The daily time frame highlights that a breakout below a symmetrical triangle pattern is valid while the price trades under $2.80.
Technical analysis shows that the bearish breakout has been in play since September 13, with the EOS/USD pair unable to recover back inside the triangle since then.
The size of the pattern suggests that the EOS/USD pair could decline towards $1.50 over the medium term.
EOS/USD short-term price trend
EOS/USD price analysis shows that the cryptocurrency is heavily bearish over the short term while the price trades below $2.80.
The four-hour time frame shows that a bearish head-and-shoulders pattern breakout is now in play.
According to the size of the bearish pattern, the EOS/USD pair could fall towards $1.80 over the short term.
Traders should note that key upcoming technical support for the EOS/USD pair is found at the $2.30 and $2.00 levels.
The $1.50 and $1.30 levels offer the strongest form of technical support below $1.80.
EOS/USD technical summary
EOS/USD technical analysis shows that bearish pattern breakouts are in play across various time frames and project upcoming losses below $2.
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