EOS price analysis: After the breakout, needs to cross certain barriers
- EOS broke out on the long term chart.
- Needs some more momentum.
EOS, which managed to break out last week on the long term charts and rallied quite a bit, still needs some more momentum in its favour for it to sustain the breakout and get the lost glory of April back in its favour.
EOS/USD is down 4 percent on day at $5.94 and range for the day has been very wide: $5.877 - $6.311. On the daily chart, EOS broke of a descending trendline last week and managed to gain sharply along with other cryptos on the back of XRP's momentum, but EOS still needs some more push for it to sustain this breakout.
On the upside, EOS needs to cross past $6.80-$7.20 range, which is earlier lower high. On the downside, it still has support around $5.5 and strong one at $4.7.
EOS/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
