- EOS ability to settle above $3.6 will determine how soon the price spikes above $4.0.
- The upward movement currently respects the walls of a rising channel pattern.
EOS is showing minor signs of a bullish breakout. This follows a subtle 0.65% upward correction on Wednesday. The price has traded an intraday high of $3.65. The bearish action tested $3.58 before giving way to the ongoing reversal.
The one-hour chart clearly shows EOS in an upward trend within an ascending channel. The range between $3.6 and $3.7 is considered a bullish zone. Likely consolidation in the range is likely to result in a breakout above $4.0 in the coming sessions. Besides, the constricting levels of the Bollinger Bands suggests that a breakout is in the offing.
Meanwhile, EOS is trading above the Simple Moving Averages on the 1-hour chart where the 50 SMA currently stands at $3.4 and the 100 SMA at $3.3. The Relative Strength Index is re-entering the overbought as bulls continue to gain traction. The Moving Average Convergence Divergence in the positive region seeks to correct the bearish cross which could further improve the bullish picture.
EOS/USD 1-hour chart
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