- EOS surges 2% on the day after breaking trendline resistance.
- Bulls have eyes on $6.0 while EOS is still poised for higher movement.
EOS is among the biggest gainers of the day in the top bracket after IOTA (IOT), which is up 4%. EOS has broken above the short-term resistance target triggering a more than 2% rise. The entire crypto market is slightly in the green as bulls fight for positions following over a week of consolidation.
EOS price corrected lower over the weekend and traded below the short-term support level at $5.65. It formed a low at $5.62 before a bounce occurred above the 61.8% Fib retracement level with the last swing high of $5.92 and a swing low of $5.62. The price corrected even higher above the moving averages (both 50SMA and 100SMA) on the hourly chart. The above mentioned trendline resistance break has ignited another upwards roll during the European trading hours.
EOS/USD is currently exchanging hands above the 23.6% Fib retracement level. The price currently stands at $5.87 while testing the levels towards $6.0. The MACD is at +0.03 signaling that the buyers have the control. The DMI, on the other hand, is ranging at 72 percent, which means that the bulls are likely to continue influencing the price in the short-term. The target for the buyers is $6.0 but finding a support above $5.80 is just as important. The other support areas lie at $5.7 and $5.65.
EOS/USD 1-hour chart-636746030879114586.png)
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