- EOS price is nurturing an uptrend within an ascending channel.
- Technically, EOS is poised for more growth especially if the bulls strongly defend support at $4.00.
EOS is among the few selected digital assets in the green on Thursday at the beginning of the European session. The bulls are adamant to give up control despite the rejection they recently phased at $4.12. At the time of writing, EOS/USD is dancing at $3.9 and with a 0.77% growth on the day. The existing trend is bullish while the volatility levels remain high, which means that EOS not only has room for growth but also the potential to reclaim the ground above $4.00.
EOS price technical picture
Following the early January surge to $4.05, EOS erased part of the gains before embracing support provided by the 50% Fibonacci level taken between the last drop from $4.12 to a low of $2.65. A reversal towards the end of last week saw EOS climb past several barriers including $3.6, the 50 SMA on the 4-hour chart, the 100 SMA as well as $4.00.
Unfortunately, the recovery momentum could not sustain more gains above $4.12 (new January peak). Instead, EOS settled in a narrow short term range between $3.89 and $4.12. An ongoing recovery movement recently bounced off rising channel support. Its break above the hurdle at $4.00 suggests that more upside action is possible.
Technically, EOS is poised for more growth based on the upward trending RSI. While the MACD hit a wall at +0.1223, its position within the positive region somehow cements the bulls’ presence in the market.
EOS/USD 4-hour chart
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