EOS price analysis: EOS/USD bulls’ eyes glued on $6.00

The cryptocurrency market is back in the green following the correction witnessed yesterday. EOS is leading the recovery among the major cryptocurrencies with gains of more than 4%.  A look at the 1-hour chart shows a sustained uptrend since the beginning of April. However, the bulls have not been able to break past the critical resistance at $6.00, although they have tested the region.

In the past one week EOS has been trending sideways between $5.00 and $5.80. Over the last weekend, the price made an upward move but the momentum could not go beyond $5.6. The retracement across the market did not affect EOS as the price stayed above the 100 SMA 1-hour. The bulls increased their entries pulling the price above $5.6 on Wednesday. It has formed an intraday high at $5.9 and is currently dancing at $5.87.

The bulls have their eyes on $6.00 (resistance congestion). However, the indicators show that upside momentum is limited. The RSI is brushing shoulder with 70.00 and could continue ranging. The MACD on the same 1-hour chart at +0.107497 is trending sideways as well. In the short-term, EOS is likely to continue trading within the range at $5.00 and $5.80.