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  • EOS has corrected higher 0.25% on Friday; all eyes are set on $6.0.
  • EOS has sustained trading in an ascending channel while trading higher highs and higher lows.

Apart from NEO and EOS, all the other cryptocurrencies in the top ten are trading in the red. It appears that the general widespread retracement in the morning of September 28 was a bull trap. EOS has maintained trading in an ascending channel since the recovery that started mid this week. Although the trading is more lock-step, EOS/USD is trading higher lows and higher highs.

There was an upside move from the lows traded on Thursday. EOS corrected higher above the hourly 200 simple moving average and overcame the resistance at $5.6. An engulfing candle from this level took the price above $5.9. EOS/USD extended the gains on Friday breaking above $6.0. Nonetheless, the momentum slowed down on trading highs of $6.04 before the trend became bearish.

The bearish correction that followed extended below $5.8 but the 200 SMA acted as an anchor stopping further declines. The ascending trendline was in place to offer support as well. At present, EOS has revamped the trend to the upside and is correcting higher towards $5.9. The price, currently $5.84 could recover above $6.00 if the bulls can break the immediate resistance at $5.9.

EOS/USD 16-minutes chart