EOS price analysis: EOS/USD capped by $5.30 after a failed recovery attempt

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  • EOS gained over 2% since this time on Wednesday.
  • Rangebound sentiments prevail, in line with the broader market,

EOS, the 5th largest coin with the market cap $4.7B and average daily trading volume $653M is changing hands at $5.26, down from Wednesday’s high at $5.31. The coin has been trading between $5.3 and $5.0 since the breakthrough from the range on October 29.

EOS technical picture

Looking technically, EOS/USD is supported by the above said $5.00 handle. This psychologically important area and also September 26 low is likely to stop the sell-off; however, once it is broken, the downside momentum might gain traction with the next aim at $4.76, which is the lowest level since September 18.

On the upside, the recovery is capped by $5.34 (SMA50, 4-hour). This resistance is followed by a congestion zone at $5.46 strengthened by SMA100. The upper border of the recent channel at $5.60 is likely to stop the recovery for the time being, while sustainable movement above psychological $6.0 to mitigate mid-term bearish pressure.

EOS/USD, 4-hour chart

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