- EOS is trading at $6.77 amid a growing bearish momentum.
- EOS is expected to range sideways above $6.6 with the upside limited at $7.00.
EOS is among the gainers of the day in the wake of the declines that swept across the market. The entire market is attempting to correct higher apart from the major cryptocurrencies like Bitcoin, Ethereum and EOS which are still navigating the sea of red. EOS is leading the recovery after adding 1.57% on its value after hitting lows of $6.37.
At press time, EOS is trading at $6.77 amid a growing bearish momentum on the failure break above the descending channel resistance. Since the beginning of June, EOS has been forming a lower low pattern within the falling channel. Attempts to correct above this hurdle have been futile.
A break past the channel resistance will find the first resistance at $7.00. The 50 SMA will limit gains at $7.2 while the 100 SMA will hinder growth at $7.6. Before the end of May, EOS/USD increased in value touching $8.6 (seller congestion zone).
Below the current value, $6.6 is the initial support (buyers congestion zone) while the range at $6.2 – $6.4 is the key support zone. In the short-term, EOS is expected to range sideways above $6.6 with the upside limited at $7.00. However, breaking the channel resistance could give the digital asset momentum to correction higher towards $8.6 region.
EOS/USD 1-hour chart
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