EOS price analysis: EOS/USD strong support guiding the bulls higher
- EOS on Monday is holding gains of over 3%, as the price stabilize following heavy volatility at the start of the month.
- EOS/USD price action is supported to the upside by a long-running ascending trend line, which has been in play since February.
The EOS price in the latter part of trading on Monday, is holding gains of some 3.5%. EOS/USD however despite the small gains, continues to move within consolidation mode, after much volatility was seen at the start of the month.
In terms of news flow, Weiss Crypto Ratings announced that they are downgrading the technology score of EOS. The US-based economic research agency noted that EOS has severe problems with centralization.
EOS/USD price action is being supported to the upside by a long-running ascending trend line, which has been in play since early February. The key support can be seen tracking at $5.90, in terms of upside targets for the bulls, the next major area is $8.00-8.60 range. The price last faltered up here at the start of the month.
EOS/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
