- EOS short-term outlook has a bullish bias in spite of the downside correction.
- EOS must correct above the level at $5.8 in order to escape the bear range.
After EOS hit a snag at $5.99, the trend has changed from bullish to slightly bearish. The attempts made to push EOS/USD above $5.80 have been thwarted. The bears succeeded in capping the gains below the level while the bulls are keen to defend the support at $5.20.
The short-term outlook has a bullish bias in spite of the downside correction. This means that we can still expect EOS to trend higher above the trendline support. The price, exchanging hands with $5.56 is currently supported by the 50 SMA1-hour charts at $5.48 and the 100 SMA1-hour at 5.45. The 50 SMA has stayed above the 100 SMA showing that the buyers have an upper hand.
EOS, however, must correct above the level at $5.8 in order to escape the bear range. Consolidation in the range between $5.2 and $5.8 could lead to buyers getting exhausted if a breakout fails to occur. The bulls could allow EOS to slide to lows around $4.4 to create fresh demand before a new reversal is staged.
The applied technical indicators show that the bulls are still in control despite the correction today. The RSI is seen at 59.16 after a correction from 64.86. The RSI indicator shows that the sideways trending has more force. The trend is backed by the MACD which is ranging in the positive region slightly above the mean line.0.
EOS/USD 1-hour chart
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