EOS claws back some ground, fights for the 5th position with Stellar
- EOS is in recovery mode with the rest of the market.
- A sustainable movement above $4.30 is needed to improve the longer-term picture.
EOS is changing hands at $3.44 at the time of writing, of the Sunday's low of $3.08. The coin has gained over 8% in recent 24 hours, which is a Dutch comfort for the coin that lost over 36% of its value in two weeks.
EOS briefly de-throned Bitcoin Cash from the 4th position in cryptocurrency rating provided by CoinMarketCap. However, the victory was short-lived as the coin is back at the 5th place with the market value slightly over $3B at the time of writing. Moreover, Stellar is at its heels, threatening to push EOS to the 6th position.
EOS's technical picture
From the longer-term perspective, EOS/USD is capped by DMA5 at $3.55. Once it is cleared, the recovery may be extended towards the next crucial resistance at $4.30. This is the previous low reached in the middle of August, followed by DMA50 at $5.00 and DMA100 at $5.0.
On the downside, the support is created by Sunday's low at $3.08. A sustainable move lower will darken the technical picture and attract more sellers to the market. Potentially, the collapse may be extended towards 2.0 and 1.9, which is the lowest level since December 2017.
.
Author
Tanya Abrosimova
Independent Analyst
