EOS price analysis: EOS/USD surges past $5.00 as bulls take a breather

The crypto market is busking in bullish rays on Tuesday in the wake of the decline that dominated the market yesterday. EOS is up 4% on the day after surging above $5.00. This month has seen EOS test $7.0 but the bulls lacked momentum to break the resistance forming highs around $6.8. Still, in the same month, the crypto descended to lows slightly above $4.60 but the declines did not extend to the August lows at $4.10.

EOS is a $4.6 billion token that currently has a trading volume of $810 million.  The market capitalization has reduced from yesterday’s $4.9 billion. In the same period, the trading volume has gone up from $696 million, which explains the recent selloff.

At the time of press, EOS is trading at $5.05 and is testing $5.1. The technical signals are positive and EOS is likely to test the supply zone at $5.31. The RSI is ranging 56.60 percent while the MACD is advancing upwards to show that the buyers have the control. It is essential that the bulls find a support above $5.00. However, $4.60 will come in handy in the event a trend reversal occurs.