EOS price analysis: EOS/USD breaches $15.00 for the second time; pending upside movement could break out of the ranging channel
- The 50 SMA is the short-term support while $13.5 to provide stronger support.
- EOS/USD is correcting higher, indicators showing bullish signals.
EOS price is trading in a range on Friday, although it is correcting higher with the upside capped below $15.5. The 50 Simple Moving Average is working as the immediate support for EOS/USD, but there is a bullish momentum forming above $15.00 which could result in an upside breakout towards $16.00.
Recently, there was another upside bullish movement that was initiated around $11.5, where EOS/USD broke past the key resistance at $13.5, $15.00 and even traded briefly above $16.00. The price faced selling pressure at this level, resulting in a downside correction that found a support at $14.00. EOS price is currently trading in the ranging channel mentioned above and seen on the hourly chart.
The buyers are battling to push the price higher as signals from various trend indicators point towards near-term upside movements. The RSI is pulling towards the upper regions signaling more buyers to enter the market. The moving averages gap is reducing to confirm the bullish momentum. EOS / USD immediate support is at $14.00, besides. $13.5 will stop further declines.
EOS/USD hourly chart
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
