EOS sentiment: EOS is ripe fo a short-term correction on February 19

EOS is the best performing coin in top-10. It has surged from $2.92 on Monday opening to $3.60 by the time of writing, gaining over 23% since the start of the week. The strong recovery returned EOS to the fourth place in global cryptocurrency rating produced by CoinMarketCap.

A cryptocurrency exchange Trade.io added EOS to the list of its tradable instruments on Monday. Trade.io is outside top-100 exchanges by trading volume; still, the news high has increased positive sentiments around the project.

Looking technically, EOS/USD may be easy for a short-term correction after a strong rally with the initial aim at $3.50. The intraday Relative Strength Index (RSI) stays on the overbought territory, increasing the chance of the downside movement.

If $3.50 gives way, the sell-off may be extended towards $3.10 guarded by SMA50 (1-hour). This barrier is followed by psychological $3.00 with SMA100 (1-hour) located marginally below this handle, and $2.90 (the upper boundary of the previous change and SMA200, 1-hour).

On the upside, a move above Monday’s high at $3.88 will take us to $4.00 where new selling orders are likely to appear.

EOS/USD, 1-hour chart