EOS price analysis: EOS/USD recovery stalls $4.0

EOS/USD has recovered strongly on Monday.
The coin stopped on approach to critical $4.0.

EOS gained over 4% of its value in recent 24 hours. Despite a rather slow movement during early Asian hours, the coin remains one of the best-performing altcoins out of top-20. At the time of writing, EOS/USD is changing hands at $3.89, off the recent high reached at $3.96.

EOS/USD, the technical picture

EOS/USD managed to settle above critical $3.80, however, the further upside movement is capped by psychological $4.00. Once it is out of the way, the bullish momentum may gain traction with the next focus on $4.57 (the highest level since the beginning of August) and $5.00 with a confluence of SMA100 (Simple Moving Average) and SMA200 daily located on approach. The next strong barrier awaits us on approach to psychological $6.00.

On the downside, the initial support comes on approach to $3.75. It is created by SMA50 1-hour. This area may slow down the sell-off and trigger the recovery within the current range. However, if it is broken, the sell-off may be extended towards $3.50 strengthened by the middle line of 1-day Bollinger Band and SMA100 1-hour.

Note, that the Relative Strength Index (RSI) on intraday timeframes points downwards, which makes the short-term bearish scenario more likely.

EOS/USD, 1-hour chart

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