- EOS/USD went up from $4.15 to $4.46 this Wednesday.
- Technical analysis shows that market momentum has shifted from bearish to bullish.
EOS/USD has had a bullish Wednesday, as the price went up from $4.15 to $4.46, charting a 7.47% increase in valuation. In the process, EOS/USD managed to have two bullish days in a row. Plus, four out of the last five sessions in the EOS/USD daily price chart were bullish. The hourly price chart shows that the price shot up from $4.23 to $4.63 in just two hours, where it met resistance and then fell to $4.37. After that, the bulls managed to pick the price up to $4.46.
EOS/USD daily chart
The eight latest sessions are trending in an upward channel formation. The daily price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The SMA 200 is looking to cross over the SMA 20 curve, which is a bearish sign. This Wednesday, the price managed to break past the resistance at $4.32.
The signal line has crossed over the moving average convergence/divergence (MACD) line, showing that market momentum has changed from bearish to bullish. The Elliot oscillator shows six straight bullish sessions with increasing intensity. The relative strength index was in the oversold zone, but it is now trending around 43.75.
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.