EOS price analysis: EOS/USD bullish medium-term spells more gains
|- EOS broke above the supply area between $4.25 and $4.50 igniting gains above $5.00.
- A correction in the $6.00 supply area will place EOS on continued upward momentum.
The medium-term outlook for EOS/USD is bullish. Following the break above the supply zone between $4.25 and $4.50, an engulfing candle spiked above $5.0 forming a high around $5.49 on Tuesday.
A pullback that followed EOS failed to extend the gains above $5.0 found support at $5.06. The retracement was necessary for the continuation of the bullish trend. Besides, we can see EOS/USD treading upwards having recovered to $5.27.
The price is above the 50 SMA 4-hour and the 100 SMA hour. A correction in the $6.00 supply area will place EOS on a continued upward momentum towards $7.00. Meanwhile, defending the support at $5.00 is key to driving growth in the short-term.
The supply area turned support at $4.25 -$4.5 is positioned as the next support target. In case of declines progress, expect EOS to find solace at $3.5.
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