- EOS price retreats from the weekly high at $2.64.
- EOS must hold above $2.55 support to give the bulls a fighting chance towards $3.00.
EOS is retreating from the high traded in July $2.64. The digital asset is following the general trend in the market which has been bearish in the past 24 hours. EOS/USD teeters at $2.57 while holding above the Bollinger Band 1-hour middle curve.
Since the beginning of July, EOS bulls have been focusing on pushing the price above $3.00. Unfortunately, selling pressure is making the recovery an uphill task. For now, short term support at the Bollinger Band 1-hour middle curve is key to holding the price above $2.55.
The RSI is moving sidelong above 60 after retreating from the oversold region. As long as the trend can remain sideways, consolidation would take over, probably within a new range between $2.55 and $2.60.
On the flip side, the MACD puts weight on the increasing bearish momentum. The indicator is featuring a bearish divergence in addition to the downward movement towards the midline. On the other hand, all is not lost for the bulls because if support at $2.55 holds, buyers will have the opportunity to pull the price towards $3.00.
EOS/USD 1-hour chart
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