EOS price analysis: EOS/USD all eyes set on $7.00 but $6.40 is a stubborn hurdle

EOS is still in an uptrend despite the subtle lower corrections yesterday covered in the analysis published by FXStreet. The price rejected the support at $6.00 but the downside was protected at the 38.2% Fib retracement level of the previous swing high of $6.48 to a swing low of $5.40 around $5.80. This gave the bulls an entry as they pulled the price above the broken support at $6.0.

The recovery today, Friday 31 has been slow but steady. EOS/USD exchanged hands above $6.30, came near $6.40 but formed a high at $6.3343 before correcting lower again. At present EOS is making a decent recovery above the short-term support forming at the 61.8% Fibonacci level. The resistance at $6.40 must be broken in order to witness a sustained movement towards the coveted $7.0.

On the flipside, the hourly 50-day simple moving average coinciding with the above mentioned 61.8% Fib level at $6.06 will hold in case a reversal occurs, the trendline has been very instrumental to EOS price and will help keep the digital asset above $6.0. Further down, a stronger support has been highlighted at $5.80 but a major support exists at $5.40. Below this level, the 100SMA hourly chart will provide additional support at $5.36.

EOS/USD 1-hour chart