EOS: Short term bounce, long term expanding range
|- Bounces in long-term from moving average support.
- Med term range expanding for the good on the upside.
EOS, the crypto that once surprised one and all with a massive rally last year even as all the other major cryptos were reeling in the bear market, is now struggling to go back to its lost glory, although all hopes not lost yet as the prices are managing to bounce from troughs.
EOS/USD is trading seven cents of a percent at $4.872, near high point of the day but trading in just a percent's range for the day. A quick look at the medium term and long term charts of this coin, reveals that the coin is stuck in an ascending parallel channel on the 720-minute chart, which is although good as it still helps in staying up.
While in the long term it managed to bounce back from its 50-days SMA and now staring at 21 days SMA as a key resistance in the short term. As long as bulls are able to stay in the grip of this parallel channel on the 720-minute chart and golden cross manages to stay up, bulls can continue to remain upbeat.
EOS/USD 720-minute chart:
EOS/USD daily chart:
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