EOS price analysis: EOS recovers from the recent dip, but upside currently capped by the 100 SMA

• EOS is sitting squarely above $7.10, but a slide to $7.00 critical support I imminent in the short-term.
• EOS price is still locked below the trendline support despite the recovery from the dip to $6.98.

EOS, Bitcoin (ETC) and Ethereum (ETH) are among the few coins correcting higher on Thursday. Besides, EOS has recovered from the dip that had it retest the waters below $7.00. EOS/USD is back to trading above the critical $7.00 support. However, it is apparent that the crypto is not out of danger yet. The bearish trendline shows that the buyers are continuously losing grip.

After trading lows $6.98 on August 1, EOS staged a recovery that broke the 38.2% Fib retracement level of the previous drop from a high of $7.85 and a low of $6.88 resistance at $7.25. But the bullish trend could not overcome the pressure at turned bearish at the trendline resistance highlighted at $7.33. Subtle lower correction followed during the Asian trading hours today (August 2). The 100 simple moving average failed to hold the price during the slide, however, it is currently preventing movement at $7.20 as observed on the chart.

EOS price trend is slightly bullish at the time of press. Consequently, technical indicators like the stochastic are advancing further north but stand at 62% while the Relative Strength Index has managed to maintain above the oversold levels since the opening of the session today. It currently stands at $47.3%. The indicators show that the buyers still have some power to hold the price above the 23.6% Fib level at $7.10. However, it is likely that EOS/USD will take a subtle dip to the critical support at $7.00 before a pullback towards the supply zones at $7.4 and $7.6 respectively.

EOS/USD 15-minutes chart