EOS price analysis: Another crypto breakout without follow ups

EOS broke out earlier this month, without follow up.
100 DMA too proving a hurdle.

Manoj B Rawal Independent Analyst

EOS, the crypto that turned back to square one after rallying more than 600 percent in April, managed to break out again earlier this month, but the momentum faded away after it failed to cross past key resistances.

EOS/USD is flat on day at $5.74 and trading in less than 3 percent range for the day. Daily chart's key descending trendline failed to hold EOS bulls and it managed to break the shackles, but what lacked was the follow up buying after the breakout.

What added to the misery was resistance in the form of 100 days SMA (Simple Moving Average) that's holding back the bulls.

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.

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