EOS is climbing back over the $5 today, as bullish traders fight desperately to keep the price action above this key psychological support level. Recently, the asset has started to consolidate inside a descending triangle, where a breakout could be expected some time soon. Typically, these are bearish patterns but bulls have been known to reject these formations and begin running after successfully breaking through the downtrending resistance.
Over the last seven days, EOS has clawed back a modest 3.82% against BTC and is now contending with Stellar for the top #5 spot, who is only $300M behind EOS on the market cap league table. Can EOS hold on to its position over the coming weeks, or will Stellar continue its march forward and reshuffle the top-five cryptos? Let’s take a closer look at the charts.
On the 2hr EOS/BTC chart, the current price action at a glance is looking bearish, with red candles starting to line up after bullish EOS traders...
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