EOS price analysis: EOS/USD creates the short-term top, retreats under $2.5
- EOS retreated from the recent high amid natural correction.
- A key support lies with $2.0 handle.
EOS is the best performing asset in the cryptocurrency market. The coin is trading at $2.5 after briefly touching $2.62 during early Asian hours. EOS/USD has gained over 25% in the recent 24 hours and 1.3% since the beginning of Tuesday. Despite some retracement, it is still in a green zone.
EOS takes the 4th place in the cryptocurrency rating with a market value of $2.2B and an average daily trading volume $2.2M, which is significantly higher than Sunday's $1.5M.
On the intraday charts, EOS/USD has created a short-term high. The coin is ripe for correction as both the Relative Strength Index and Momentum Indicator have reversed downwards. RSI is still in an overbought territory, which means we can witness more selling pressure with the aim at $2.20-$2.00. This area encompasses the lower line of 1-hour Bollinger Band that may serve as a jumping off ground for a renewed recovery.
However, once it is cleared, bears will become bolder and take the price towards critical $2.00, guarded by SMA100 and SMA200, 1-hour. This support needs to hold; otherwise, the bearish trend will be resumed.
On the upside, the sooner we get above $2.50, the better for the short-term outlook. EOS bulls will need additional triggers to drive the price higher and, probably to retest the recent high at $2.62. The next resistance is created by the upper line of the 1-hour Bollinger Band. It separates us from all the more important $2.70.
Author
Tanya Abrosimova
Independent Analyst
