EOS price analysis: EOS/USD defiant of the bear pressure, spikes 2.5% on Monday
|- Ripple and EOS push altcoins’ break away from Bitcoin posting impressive gains on Monday.
- EOS is trading above the 50 SMA while the immediate upside is capped by the 100 SMA.
EOS alongside Ripple are the biggest single-digit gainers across the cryptocurrency market. The two cryptos are up 2.5% and 4% respectively on the first day of trading this week. The entire market is showing bullish signs, however, the broad-based recovery is lethargic.
EOS continues to form a higher low pattern from the recent lows at $2.4. The ascending trendline continues to function as a bouncing wall. Besides, the intraday gains on Monday have thrust EOS above the 50 simple moving average (SMA) on the four-hour chart.
The immediate upside is capped by the 100 SMA resistance. Glancing upwards, the next key hurdle is $3.2 while the supply zone at between $4.0 and $4.2 will market the decision towards $10.00.
The trend is generally bullish for EOS as observed with both the relative strength index (RSI) and the moving average convergence divergence (MACD). The RSI is above average while the MACD is holding ground right on the zero line.
EOS/USD four-hour chart
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