EOS Price Analysis: EOS/USD soars over 10% targeting $3.0

EOS breaks out above the 50 SMA in the 4-hour chart as bulls target $3.00.
EOS/USD continues to trend upwards within a gradually ascending channel started after the March 12 crash.

The cryptocurrency market has faced volatility during the European session on Thursday. The Asian session earlier in the day was mostly bearish as sellers extended their action from the American session on Wednesday. EOS, after being rejected from $2.80 failed to find support at $2.40. However, a weekly low formed at $2.30 kept the selling pressure at bay in readiness for the ongoing bullish momentum.

At the time of writing, EOS/USD is trading at $2.61 following over 10% growth on the day. Interestingly, EOS remains bullish in spite of the stalling across the board. For instance, Bitcoin price has slipped under $7,000 after testing $7,145 while Ethereum is trading at $167 from intraday highs of $174.

Looking at the 4-hour chart, EOS continues to nurture an uptrend within an ascending channel that started after the crash in the cryptocurrency market on March 12. Moreover, the price is above the moving averages where the 50 SMA has been turned into a support line at $2.55. The 100 SMA in the same 1-hour time frame is the next support target at $2.46.

From a technical point of view, the RSI shows that EOS is prime for more action towards the psychological $3.00. Its sharp motion corresponds to the price action recorded on the day. Moreover, with the RSI not yet oversold, it means that EOS still has plenty of room for growth.

EOS/USD 4-hour chart

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.