EOS price analysis: Bulls hibernate amid general market slumber
|- EOS is locked in a tight range as Bulls hibernate.
- The sideways trading is bound to continue in the short-term.
EOS is stuck in a Bear range unable to correct higher. Since the drop last week on Thursday, the as the trend has been uneventful with the price remaining between the upper range limit at $2.5 and the support at $2.4.
The asset opened the day’s trading at $2.46, however, it has made subtle downside correction to the current value at $2.45. The current consolidation is likely to continue in the near-term. Besides, the Relative Strength Index (RSI) is ranging around 50. The RSI has remained in this position since the opening session. Prior to the current lull, there were other low activity trading sessions over the last weekend that resulted in a brief slide that tested the region below $2.3.
The Moving Average Convergence/Divergence (DMI) in the same 1-hour range has its movement tied to the mean line. This means that the sideways trend will prevail. Marginally above the current value, EOS is limited by the resistance from 21-day Simple Moving Average (SMA) while supported by the 50-day SMA.
ESO/USD 1-hour chart
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