EOS technical analysis: EOS breaks a major level
|- EOS/USD is 3% higher on the session as many other cryptocurrencies suffer.
- The trendline that originated back in May has now been broken.
After consecutive lower highs and lower lows it seems that the price has broken out to the upside.
What is good about this move is that it was backed by volume. Right at the end of the move those who have a keen eye would notice the divergence from the RSI indicator.
On the daily chart above the next major resistance is 5.50. This is where price found support after the rally up to 8.90 in May.
3.00 could now be a base for the pair as it was firmly rejected and now inspired a break to higher levels.
One thing I would be wary of on the technical standpoint is the RSI at its current level. Right now it is forming something called a failure swing or bearish hidden divergence. If it reaches overbought it might attract some sellers. From an intraday point of view 3.45 will be the support level to watch if there is some mean reversion after the break higher
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