- EOS jumped above $5.0 during Asian hours.
- The first important hurdle comes at $5.65.
EOS, the 5th largest coin with the market cap $4.6B and average daily trading volume $435M is changing hands at $5.16 after spiking to $5.30 during Asian hours. The coin has gained over 6% on a daily basis and 4.5% since the beginning of Monday.
The recent sharp rise of EOS might have been caused by a large buying order, spotted by cryptocurrency traders.
“Someone just bought >$1M of $EOS at $5.17 on Binance,” Ashe Oro, crypto economist, and entrepreneur wrote in his Twitter account.
EOS technical picture
EOS/USD bottomed out at $4.17 on August 14 and had been consolidating with mild bullish bias since that time. From the longer term point of view, the upside is capped by $5.65 (the recovery high). If this area is cleared, the momentum might gain traction and take the price to $6.0 and $6.6, where a fresh selling interest is likely to appear.
On the downside, EOS/USD is supported by $5.00 and $4.5 (August 22 low). The ultimate support comes at the above-mentioned low $4.17, followed by psychological $4.0.
EOS/USD, the daily chart
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