- EOS corrected higher after breaking above the resistance at $6.40 recording highs of $6.819.
- The trend is bullish and the buyers have their eyes locked on $7.00 in the medium-term.
- EOS/USD is supported at $6.00 and $5.80 respectively.
EOS recently broke above the resistance at $6.40 as covered in the previous analysis. The uptrend was initiated following the drop at the end of last week where EOS exchanged hands slightly below the support at $5.80. The upward roll made it above $6.00 but struggled at $6.40 before the breakout over the weekend. EOS/USD corrected higher and stepped above $6.80 but turned bearish on trading highs of $6.819.
EOS has maintained an uptrend in spite of the up and down movements around $6.00 (pivotal level). At the moment, the digital asset is trading at $6.50 while supported at $6.00 and $5.80. On the upside, both the hourly 50-day simple moving average and the 61.8% Fib retracement level with the last drop from $6.819 to lows of $6.081 at $6.536 are limiting gains.
Further up, there will be significant resistance at $6.70 (1st supply zone) and $6.81 (2nd supply zone). EOS buyers have their eyes locked on $7.00 in the medium-term but they must break out of the range resistance first. The trend is, however, still bullish at the time of press, besides the stochastic oscillator is ranging slightly below the overbought levels.
EOS/USD 15-minutes chart
Share
