- EOS is up 3% on a daily basis, but the recovery momentum is weakening.
- Critical short-term resistance is created by $5.33.
EOS, the 5th largest coin with the market cap $4.49B and average daily trading volume $642M is changing hands at $5.0, gaining 3% on a daily basis. The coin is recovering from the recent lows in sync with Bitcoin and other cryptocurrencies. EOS/USD despite a positive sentiments, EOS/USD upside momentum cannot gain traction to push the coin above critical $5.00.
EOS technical picture
Looking technically, $5.00 is remains vital for the short-term momentum. The coin has broken above the upper line of a triangle pattern on 1-hour chart, but lack of follow through means that bulls are not ready for a sustainable recovery yet. SMA200 at $5.08 adds strength to the above said key level and caps the upside. Once it is broken, EOS/USD will proceed towards $5.33 – this is the highest level of the recent recovery attempt reached on September 7.
On the downside, the local support is created by SMA50 (1-hour chart) at $4.90. Once it is cleared, the downside may be extended towards $4.75 (the lower line of the triangle pattern) and then to Saturday’s low at $4.61.
EOS/USD, 1-hour chart
Share
