- EOS/USD up 1% on the day, a bullish flag pattern is in progress.
- The 100 SMA is supporting the price close to $13.50 but the major support rests at $12.00.
EOS is one of the few digital assets that are correcting higher on Tuesday. EOS price has broken above the bearish trendline line, besides it up more than 1% on the day. EOS launched its mainnet on June 2, the price spike but only briefly testing the key resistance at $15.00.
Progressively the cryptocurrency has been correcting higher, even plummeting below the former support at $14.00. Moreover, the support zone at $13.5 -$13.00 failed to stop the declines in the Asian trading hours. However, EOS/USD managed to find another support above $12.5 before bouncing in a sharp brief breakout past the 50% Fib retracement level with the last high leg at $15.5 and a low of $12.01.
The 50 SMA is currently is currently offering short-term resistance slightly below the 50% Fibo. Similarly, the 100 SMA is supporting the price close to $13.50. Significantly, EOS/USD is forming a bullish flag pattern pending another upside breakout. $14.00 is the current breakout and will pave the way for further upside retracement toward $15.00 and probably the long-term resistance level at $18.00.
Share
