EOS market overview: EOS/USD gains traction to thrust past $3.0 barrier
|- EOS sustains gains from the dip on Friday above the rising trendline.
- The congestion of sellers at $2.95 hinders growth above $3.0 (key barrier).
The crypto bulls are making a comeback during the Asian trading hours on Tuesday. This follows are a mundane weekend session. The action on Monday was relatively bullish but the majority of cryptocurrencies are still locked under key resistance barriers just like EOS.
The critical barrier at $3.0 has been a hard nut to crack. The intense pressure put on the barrier in the last one week resulted in EOS slashing most of the gains. Action from Friday’s low at $2.71 tested the region on Monday but also failed.
Fortunately, the downside is protected by the 50 Simple Moving Average (SMA) on the one-hour chart, the 100 SMA and the ascending trendline. The immediate upside is forced to deal the congestion of sellers at $2.95 in preparation for another assault on $30.
Meanwhile, the Relative Strength Index (RSI) is holding ground above 50. The indicator has corrected upwards from the lows at 45. Continued upward movement will encourage more buyers to increase their entries. As long as the Moving Average Convergence Divergence stays above the zero line, EOS bulls will have an opportunity to focus on higher grounds.
EOS/USD one-hour chart
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