EOS market overview: EOS/USD bullish action continues within an ascending channel

EOS Bulls are continuously coming out of hibernation following an impressive bullish action on Monday. The gains have extended into Tuesday with the Asian session recording a 0.65% gain in value. EOS opened the session at $3.19 and has touched $3.26 9 intraday high).

At the time of press, the price has adjusted to $3.21 (the prevailing market value). EOS is pushing the bullish action within an ascending channel whose formation began after the plunge to $2.40 on September 24. Besides, the price is above both the 50 simple moving average on the four-hour chart and the 100 SMA.

The relative strength index trend above 70 shows that the buyers have more influence. In addition to that, bulls are encouraged to increase their entries as the moving average convergence divergence (MACD) expands the divergence above the zero line. From a low of -0.25 the MACD currently holds ground at 0.05659. A break above the channel resistance will allow the buyers to focus on levels between $4.0 and $4.2 (supply zone).

EOS/USD 240' chart