EOS Price Analysis: EOS/USD bulls and bears lock each other down as price settles around $5.30

• The $5.37 resistance level seems to have stopped any upward movement.
• The RSI indicator is trending around 83.33 inside the overbought zone.

EOS/USD daily chart

Over the last three days, EOS/USD has been trending horizontally around the $5.30-mark as the bulls and bears have locked each other down. The $5.37 resistance line is holding the price down and will need to be overcome to enter the $5.50-zone. The MACD indicator shows decreasing bullish momentum, while the Elliott Oscillator has had a red session follow nine straight green sessions. The RSI indicator is trending around 83.33 inside the overbought zone, which shows that further price correction may be round the corner. The bulls will need to protect the $5.15 support line to prevent any further downward movement.