EOS Price Analysis: EOS/USD finds support at SMA 50, stays above $4 psychological level
- The bulls had earlier failed to break past resistance at SMA 20 this Wednesday.
- The Elliott Oscillator has dropped into the negative zone.
EOS/USD daily chart
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EOS/USD bulls managed to retain control of the market, having found some much-needed support at the SMA 50 curve. The asset has risen slightly from $4 to $4.09 in the early hours of Friday. Earlier this Wednesday, the market plummetted from $4.60 to $3.98 after having found resistance at the SMA 20 curve. The MACD indicates increasing bearish momentum, while the Elliott Oscillator has dropped from 1.01 to -0.09 over the last seven days. The RSI indicator has steadied itself near the 44.20 level following this Thursday’s and Friday’s bullish action.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
