EOS price analysis: EOS/USD bulls come out of hibernation: triangle breakout lingers

  • EOS has appreciated 3.5% in value from levels around 3.96 to brush shoulders with $4.3.
  • EOS technical picture neither negative nor positive: Sideways trading will continue in the near-term.

EOS is among the best performing digital assets in the market today following a formidable correction in an engulfing candlestick during the Asian trading hours. The price has appreciated 3.5% on the day from levels around 3.96 to brush shoulders with $4.3.

Attempts to break above the resistance at $4.3 have been rendered unsuccessful. Further limiting movement north around the same region is the 100 Simple Moving Average (SMA) 15-mins. The price has since corrected the current market value of $4.25. EOS is currently looking forward to a rising triangle breakout as long as the bulls can sustain an assault on $4.3 and beyond.

Meanwhile, a break below the triangle support could trim gains towards the support provided by the 50 SMA 15-mins marginally above $4.20. The next support target from here is $4.1 and the intraday low at $3.96.

On the other hand, the technical picture has a sideways ring to it. The Relative Strength Index (RSI) has been horizontal above average since the Asian hours. The same trend is observed with the Moving Average Convergence Divergence (MACD) which is moving sideways slightly above the mean line in the positive territory.

EOS/USD 15-mins chart

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