EOS Price Analysis: EOS/USD sees a relief rally, thanks to the savior of strong demand in the mid $5 territory, upside could very well be limited
|- EOS bulls enjoyed gains of around 4% during trading on Thursday, after a tough past few sessions.
- EOS/USD falling price was caught by a strong touted demand zone seen within the mid $5 region.
The EOS price enjoyed a break from the heavy selling pressure seen over the past few sessions, gains were seen of around 4% on Thursday. A bounce was observed across the crypto market, as the bears dealt the exhaustion.
EOS/USD being caught by the support tracking from $5.50-4.50, has helped provide some near-term hope for the bulls. This provide the bulls with the path to make a retest of the upper trend line of the descending channel, should momentum be maintained.
Eyes will now be on the very strong barrier seen ahead, which tracks at around $6.81, the descending trend line of the channel pattern, in proximity to the 50MA. Support for now looks tough as mentioned above, $5.50-4.50 range, a breach could expose price to a deep fall down to $3 territory.
EOS/USD 4-hour chart
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