EOS Price Analysis: EOS/USD double-bottom breakout stalls at $2.55
|- EOS met an immediate reversal after a breakdown to $2.42 on Monday but recovery stalled under $2.55.
- EOS/USD consolidates above $0.50 ahead of a possible rally to $3.00 based on the technical picture.
EOS is trading below the moving averages on Tuesday during the Asian session. A wider scope across the market shows that other digital assets are also struggling with the dominance of selling activity. As for EOS, recovery from the dive to $2.42 on Monday stalled under both the 50 SMA in the 1-hour range and the trendline resistance. Moreover, the congestion of sellers at $2.55 slowed down the momentum staged by the bulls.
EOS/USD is trading at $2.53 at the time of writing. It is facing resistance at the 50 SMA, now at $2.53. The RSI is in a sidelong motion at 55 after failing to step above 60 on Monday. Its sideways action would continue to call for consolidation in the near term.
On the other hand, the MACD recovery from -0.0248 to hold the position at the midline, clearly displays a stronger bullish picture in spite of the delay in breaking above $2.55. The visible bullish divergence from the MACD confirms the bulls’ presence in the market. A break above the descending trendline and the 50 SMA is likely to shoot EOS into a trajectory aiming for $3.00.
EOS/USD daily chart
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