• 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 


 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD could be heading for a deeper correction

Bitcoin's price action has looked dire on Tuesday. The market has moved away from the highs seen on Feb 13th. On the Tue night close, if the market closes below 9,227 then we could be headed toward the 8,500 area marked on the chart.

More Bitcoin News

XRP Price Analysis: XRP/USD is bears smash through critical $0.2650 support

XRP price is trading in negative territory, with losses of some 3.70% on Tuesday. XRP/USD is heading for a second consecutive session in the red. The 2020 run of gains remains at risk of reversal, given critical support areas being tested. 

More Ripple News

Ethereum Price Analysis: ETH/USD posts losses second day in a row, can $250 hold?

Ethereum price alongside other cryptocurrencies is losing ground from the yearly highs posted in February at $288. The losses remain unstoppable following the rejection at $280. 

More Ethereum News

TRON Price Analysis: TRX/USD consolidates below 0.020

TRON seems to be forming a classic downtrend at the moment. On the higher timeframes it could look like a deep retracement. On the 4-Hour chart below, the price has recently printed just below ...

More TRON news

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP