EOS price analysis: EOS/USD bulls return; eyes glued on $4.0

EOS/USD is moving higher on Tuesday 12. Although the market is mixed red and green, EOS is leading the recovery with the biggest single-digit gains of 2.84%. Most of the top ten cryptocurrencies are in the green except for Ripple’s XRP and Bitcoin Cash (BCH). Bitcoin is trending 0.18% higher on the day while Ethereum is up 1.12%.

One of EOS Block Producer refuted a recent report of a transaction worth $3 trillion. The report came after a Whale Alert account on Twitter spotted the colossal transaction. The transaction involved 1 trillion EOS tokens that come to about $3.61 trillion. Unfortunately, the transaction did not go through because of less circulating supply, however, it has raised a lot of concerns within the EOS community.

EOS is exchanging hands at $3.72 at the time of press. The bullish move comes after EOS explored the levels slightly below $3.5 during the Asian trading hours. The Bulls managed to find bearing and pushed for gains above the 23.6% Fib retracement level taken between the last high at $3.82 and a low of $3.489. The move has ignited gains that have corrected past the 61.8% Fibo and tested the resistance at $3.75.

Technical levels appear to be strong in spite of EOS hitting a snag at $3.75. The moving average gap is narrowing and soon the 50 SMA could cross above the 100 SMA. Similarly, the RSI is still holding ground in the overbought region while the MACD on the same 15-minutes chart is currently at +0.028 after correcting from -0.026. EOS must correct above $3.75 for a correction towards $4.00 and later the bulls can focus on $5.00.

EOS/USD 15’ chart