EOS price analysis: EOS/USD range bound, the Moving Averages limit gains marginally above $10.40
- EOS is currently range bound within a ranging channel with the resistance at $10.79 and support at $10.13.
- The buyers have their eyes glued on $11.00 in the short-term, on the flipside support areas include $10.2 and $10.00.
EOS network has had a fair share of chaos associated with the mainnet launch. The mainnet finally went live last week, although the price gave in to selling pressure at the time, the buyers managed to bring it up above $10.00. The Bulls are lacking the momentum for higher sustained corrections. Besides, EOS is currently range bound within a ranging channel with the resistance at $10.79 and support at $10.13.
Both the 50 SMA and the longer term 100 SMA are preventing intraday gains at $10.45 and $10.48 respectively. EOS is down 3.13% on the day after opening the trading session on Wednesday at $10.68. The price is making minor movements today, but a break past the moving average resistance could have EOS/USD attacking another key resistance at $10.60 but the buyers have their eyes glued on $11.00 in the short-term.
The stochastic recovered from the oversold territory it was pushed to in the Asian trading hours and is currently at 69%, moreover, it is showing bullish signals which means that EOS will be correcting higher in the near-term but only with small movements. EOS is currently supported at $10.20, in addition to the stronger support area at $10.00.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
