EOS price analysis: EOS/USD price stuck within a contracting triangle; buyers gunning for support towards $6.00
|- EOS price is up 1$, however, the price is recording lower highs and higher lows.
- There will be increasing selling pressure around the 61.8% Fib retracement level on the upside.
EOS price is trading in a contracting triangle after recently recovering from a downward trend that had it trade lows of $5.15 in the weekend session. The crypto is up by over 1%, while its price is recording lower highs and higher lows.
At the moment EOS/USD is exchanging hands above the 100 Simple Moving Average which worked as the support line for the price in the contracting triangle as seen on the intraday 15’ chart. The price broke above the 50% Fib retracement level of the previous swing high of $6.11 and a low of $5.15.
On the upside, EOS price will run into stiff resistance around $5.7, which is just below the 61.8% Fib retracement level with the last swing high of $6.11 and a low $5.15. There is a growing bullish momentum according to the MACD momentum indicator near $5.67. On the downside, the immediate support level is at $5.58 (100 SMA). The major support level is the weekend low at $5.15.
EOS/USD intraday 15’ chart
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