EOS short-term outlook hints a breakout

EOS is still bullish in spite of the market generally retracing in the wake of the significant gains last weekend. The cryptocurrency live rates on FXStreet show that EOS has added 2.11% on the day. Most cryptocurrencies are in the red except for the selected few like Dash (DASH), Litecoin (LTC) and NEO.

EOS is dancing with $2.85 at press time after failing to break past $2.9 on several attempts. The gains over the last weekend elevated EOS from the primary support highlighted at $2.2. Prior to the bullish movement, EOS was consolidating losses after the devastating selloff on January 10, 2019. A period of stability coupled with low trading activity capped the gains below $2.6. However, a breakout in an engulfing candle pushed the crypto above the resistance level until it tested $2.9.

Looking at the chart, EOS still has the potential to not only break past $2.9 hurdle but also zoom above $3.0. The slow stochastic oscillator (3-hour range) at 52.38 is projecting upwards to mean that bullish pressure is rising steadily. The Moving Average Convergence Divergence (MACD) in the same range is maintaining position in the positive region despite the correction from $2.9 resistance. EOS buyers are also holding ground at the $2.8 short-term support while the primary support zone at $2.2 - $2.5 will prevent extended declines in case of a reversal in the medium-term.