EOS Price Analysis: EOS /USD enters bullish phase, gains 2% in a matter of minutes

EOS/USD jumps above 1-hour SMA200, breaks free from consolidation channel.
The coin may extend the recovery towards $2.50.

Tanya Abrosimova Independent Analyst

EOS/USD catapulted to $2.44 having gained over 2% of its value in a matter of minutes. By the time of writing, the coin retreated to $2.40; however, it is still nearly 2% up since the start of the day and 1.45% higher on a day-to-day basis. EOS takes 10th place in the global cryptocurrency rating, while its average daily trading volume reached 1 billion. EOS is most actively traded on Binance and Huobi against USDT.

EOS/USD: Technical picture

On the intraday chart, EOS/USD broke free from the recent consolidation channel and settled above 1-hour SMA200 at $2.40. While this is a positive signal, we will need to see a confirmation in the form of the daily close above this barrier. The next local resistance is created by $2.50 with the middle line of the daily Bollinger Band located on approach. Also, this line served as a support during the consolidation period in the middle of June. Once it is out of the way, the upside is likely to gain traction with the next focus on a combination of the daily SMA50 and SMA100 at $2.58. This resistance may slow down the recovery as it capped the upside back in June.

EOS/USD daily chart

On the downside, if the above-mentioned $2.40 level gives way, the sell-off may be extended towards $2.35 (1-hour SMA50 and SMA100). It is followed by the recent low of $2.30.