- EOS stuck in a range as the cryptocurrency market consolidates losses.
- The bulls lack motivation after the sharp drop from the highs marginally above $4.5.
The cryptocurrency market is consolidating the losses that ensued on Sunday last week. EOS had pulled up above $4.5 before the bears swept in to revenge. The sharp drop was unstoppable at $4.0 and at $3.7. However, the bulls found bearing at the supply zone seen at $3.6 and increased their entries.
EOS has attempted to resume the uptrend above $3.8 without success. The lock-step trading shows that EOS does not have the power to break above the resistance, at least for now. The sideways trading within $3.4 - $3.8 range.
Moreover, the short-term 50-day Simple Moving Average (SMA) has double-crossed below the longer term 100-day SMA to show the bears are still in control. A correction must be made above $3.6 (immediate resistance) to open the road for gains above $3.8 and the next resistance target at $4.0.
EOS/USD 15’ chart
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