EOS price analysis: EOS/USD gains 9%, bulls set eyes at $6.00

EOS recovery is gaining momentum after major technical breakouts.
Critical short-term resistance is created by $6.00.

Tanya Abrosimova Independent Analyst

EOS, the 5th largest coin with the market cap $4.9B and average daily trading volume $750M is changing hands at $5.4, gaining nearly 9% on a daily basis. The coin is recovering from the recent lows in lockstep with Bitcoin and other digital assets. Broad positive sentiments helped push EOS/USD above critical $5.00, which attracted new buyers to the market and created a favorable technical environment for an extended growth.

EOS technical picture

Looking technically, EOS/USD broke above both SMA50 and SMA200 (4-hour chart) and touched $5.55, which is the highest level since September 5. The next local resistance is created by DMA50 ($5.82) and SMA100 (4-hour chart) at $6.64, while a sustainable move higher will open up the way towards psychological $6.00 and $6.82 (September 1 high).

On the downside, the local support is created by SMA200 (4-hour chart) at $5.29. Once it is cleared, the downside may be extended towards $5.00, strengthened by SMA50 (4-hour chart). A move lower may lead to a sell-off towards $4.68 (the upside trendline) and then to Saturday's low at $4.61.

EOS/USD, 1-hour chart

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Author

Tanya Abrosimova

Independent Analyst

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