- 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.
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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
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige