EOS price analysis: EOS/USD spikes over 9% higher on Monday, as bulls lay foundations for decent recovery

• EOS produces chunky rally on Monday, spiking over 9% to the upside.
• EOS/USD will likely encounter resistance from $8.00 – 8.50, support eyed at $7.95 – 7.80.

The EOS price was seen up over 9% on Monday, in-line with the decent gains seen across the crypto market. Starting the week solidly, in an effort to lay the foundations for a strong path of retracement, after a lacklustre past few weeks of trading.

EOS/USD has managed to progress back above the $8.00 mark, at its highest level seen since 10th July, when the market was falling with quite some weight. It had re-entered a heavy bear market just the session before, on 9th July. The price dropped from $8.51 down to $6.61 within just three sessions. EOS and the rest of the market, since producing those lows, have stabilised somewhat, seeing some decent buying.

Technically, a cautious approach should be taken into consideration, given the large burst higher in such a short space of time. Separately, resistance is seen within the early $8.00 region, a touted supply zone. This can be seen tracking from $8.00 – 8.30. Support should now be eyed from $7.95 – 7.80.