- EOS formidable gains on Tuesday 2 tested $4.8 reviving the hope of breaking above $5.0.
- EOS has retracted into a forming range between $4.5 – $4.8; sideways trend could continue in the sessions to come.
EOS/USD blasted from the ranging trend with a bullish candlestick that engulfed the previous bear candlestick during the European session today. The formidable gains tested $4.8 to the upside reviving the hope of EOS/USD breaking above $5.0 in the short-term. While the ballistic upside motion has fizzled out, the price is settling above $4.6 short-term support.
Consolidation of gains is expected in the coming sessions where EOS is likely to range between $4.5 and $4.8. The RSI, currently in the overbought is maintaining a horizontal direction to show that the bullish pressure is somewhat canceling out with the bear pressure or otherwise known as market indecision.
The MACD indicator at +0.1 is still in an upward direction, which means that the trend is bullish bias. In case the bears take over control, EOS/USD will find support at $4.5 – $4.6, both the 50 SMA (in blue) and the 100 SMA (in red) 1-hour at $4.3, $4.0 and $3.6.
EOS/USD 1-hour
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