EOS price analysis: EOS/USD bulls facing an uphill task

• EOS adds 1.36% on its value from the intraday low 3.4535.
• Attempts to recover have been thwarted by selling pressure at $3.8 (upper range limit).

EOS is among the best performing cryptocurrency today. The digital asset has gained 1.36% on its value from the intraday low 3.4535. Majority of the cryptocurrencies are in the red with losses between 0.25% and 2%.  

In spite of the gains mentioned, EOS is stuck in the resistance range we discussed yesterday. The sideways trading follows the waterfall declines at the end of last week where EOS was purged from the levels around $4.53 to the lows slightly below $3.4.

Attempts to recover have been thwarted by selling pressure at $3.8 (upper range limit). Correction above the current value at $3.5 has been limited at $3.6 (immediate resistance). EOS is inclined to make movements to the north supported by both the 50-day Simple Moving Average and the 100-day SMA on the 15-minutes chart.

Other indicators like the Relative Strength Index (RSI) on the same chart is pointing towards the overbought region to show that the bulls are gaining momentum. Similarly, the Moving Average Convergence Divergence (MACD) has fully crossed above into the positive after it tested the levels around -0.021589 yesterday. For a sustained upward correction EOS must escape the range resistance at $3.8 and focus on the next resistance at $4.0 and $5.0.

EOS/USD 15-minutes chart