EOS price analysis: Bulls back in hibernation
- 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.
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
