- EOS recovery cut short under the descending trendline resistance.
- EOS is likely to settle in a range between $2.8 and $2.7 according to various technical indicators.
The crypto market is subtly in the green after a devastating 48 hours of enduring hostility from the sellers. EOS was not spared from the drop as the price crept lower towards $2.5. Luckily a low was formed at $2.53 which has finally given way the ongoing shallow recovery.
The gains from the dip tread towards $2.8 but the momentum ran out of steam at $2.79. An adjustment from the highs on Thursday has sunk the price beneath the Bollinger Band one-hour middle curve. Besides, the immediate upside is limited by the descending triangle resistance.
On the brighter side, the Moving Average Convergence Divergence (MACD) has recovered from -0.0657 to hold on to the mean line (0.00). Also visible is the positive divergence, which suggests that the buyers are slightly in control. However, investors should not expect rapid upward movements according to the ranging Relative Strength Index.
XRP/USD one-hour chart
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