EOS price analysis: EOS jumps above $8.00, first time since August 2018

EOS is one of the fastest growing digital coins with over 14% of gains on a day-on-day basis. EOS/USD broke above $7.5 handle and touched $8.27 during late Monday trading. At the time of writing the coin is changing hands at $7.95. 

EOS takes the 5th place in the global cryptocurrency market rating with the current market capitalization of $7.2 billion and an average daily trading volume of $5.2 billion, which twice as big as a long-time average.  The coin is most actively traded at Bitfinex against BTC and USDT.

EOS technical picture

On the intraday level, EOS/USD is supported by psychological $7.00 with the Simple Moving Average (SMA) 50 (1-hour)  located on approach. Once it is cleared, the downside correction is likely to gain traction with the next focus on $6.68. This barrier is created by SMA100 1-hour 23.6% Fibo retracement for the upside movement from the low reached on December 2018. Also, this is the upper boundary of the channel and the broken resistance that stopped the recovery in the middle of May. 

On the upside, a sustainable move above $8.2 (Monday’s high) will open up the way towards the next bullish aim of $9.00. The last time EOS/USD traded above this handle in June 2018. 

EOS/USD, 4-hour chart