- EOS sustains an uptrend above the upward sloping trend line.
- EOS upside is still limited at $4.7 but the situation is unlikely to remain the same for long.
In spite of the immense selling pressure at $4.7, EOS has sustained an uptrend above an upward sloping trend line. The positive picture comes after bears ravaged through key support areas earlier in the week. Tentative support areas at $4.3 and $4.0 gave in to the losses before the price embraced the cushion at $3.9.
Following the bounce from the support, EOS/USD forged an impressive move upwards. There was a break past the 50 Simple Moving Average (SMA) 1-hour chart as well as the 100 SMA 1-hour. The intriguing gains on Wednesday and Thursday touched highs around $4.7. The buyers tried and failed to clear the resistance culminating in declines finding support at the trendline aided by the 50 SMA 1-hour.
Meanwhile, after appreciating over 2% on the day EOS teeters at $4.68. The upside is still limited at $4.7 but the situation is unlikely to remain the same for long. The Moving Average Convergence Divergence (MACD) is above the mean line (0.000). The bullish divergence is aa key indicator for growing buying influence. This positive trend is supported by the Relative Strength Index (RSI) currently glancing towards the overbought.
EOS/USD 1-hour chart
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