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  • EOS slightly bullish intraday trend turns bearish almost wiping off all the gains made today.
  • The support at $5.00 must not be broken, but a break from the contracting triangle resistance could boost EOS/USD towards $5.26 supply zone.

EOS is currently correcting lower on Monday afternoon (GMT) despite the gains it made earlier in the day. The crypto opened the day’s trading at $5.001 but it has exchanged hands as high as $5.174. However, the bear trend in progress as I write this piece is threatening to break the support at the 38.2% Fib retracement level taken between the lows of $4.86 and the highs of $5.26 slightly above the stronger support at $5.00.

The 50-day moving average on the 15-minutes chart is limiting upside movement while the 100-day moving average is offering immediate support at $5.04. The stochastic trend indicator on the same chart is advancing into the negative territory. The moving average gap is also widening to confirm that the sellers are gaining more influence.

The bullish trendline support coincides with the above mentioned 38.2% support. EOS/ USD must find support at this level to steer clear of declines towards $5.00. In retrospect, a drop below $5.00 will trigger more declines heading to towards the lower demand zone at $1.868.

On the upside, the broken support zones at the 50% Fib level and $5.10 will prevent recoil as the price heads towards the upper supply zone at $5.26. However, a break out of the contracting triangle resistance will give a boost to the price. In the meantime, the 100 SMA support must stand its ground and the buyers should ensure the stronger support at $5.00 is not broken.

EOS/USD 15-minutes chart