- EOS is trading at $7.81 and is in the middle of growing bullish momentum.
- EOS support on Coinbase helps mitigate the losses forming support at $7.00.
EOS is among the best performing cryptocurrencies on the market on the last day May. This month has been a great not only for EOS but also for most digital assets. Following the support at $1.60 in December last year, EOS has been forming higher low patterns and higher high patterns but formidable gains have occurred in the last couple of months.
The daily chart shows EOS/USD bouncing severally above the trendline. Besides the correction above the 200 Simple Moving Average (SMA) market the beginning of a bull rally where EOS initially stepped above $4.0 hurdle. Investors’ confidence in the bull rally increase as more buy positions pushed EOS past the 61.8% Fib retracement level taken between the previous high of $8.588 and a swing low of $1.57.
EOS Price Analysis – EOS/USD daily chart
The bullish momentum across the market in the last seven days further propelled the price breaking above $8.0. However, the momentum stalled at $8.5888 showing a sign of weakness in the up trending market. The bears regained confidence on Thursday pushing EOS into a spiral towards the support at $7.0. However, the support on Coinbase cryptocurrency exchange helped mitigate the losses allowing the price to revamp the trend upwards.
Meanwhile, EOS is trading at $7.81 and is in the middle of growing bullish momentum. Technical analysis shows that EOS is primed for gains above $8.0 broken support. The Relative Strength Index (RSI) is heading north after changing direction following the direction from the overbought region. Re-entrance into the overbought region will serve as an indication of the potential to retrace towards $9.00 (seller congestion zone). The MACD in the same daily range is steadily moving upwards at +0.6556. The increasing divergence means that EOS has the energy to correct higher.
EOS Key Technical Indicators
Support 1: $7.000
Support 2: $6.000
Support 3: $4.000
Resistance 2: $8.5880
Resistance 3: $9.000
RSI daily: 67.81 (Pointing north)
MACD daily: +0.6556