EOS Chart Analysis: EOS/USD eyes $2.57 amid a bull pennant, golden cross
- The No. 10 coin consolidates before the next leg higher.
- EOS/USD’s technical set up favors the bulls.
- The spot set to end the week flat amid light trading.
EOS/USD consolidates the overnight rally to $2.4980, adding nearly 2% so far this holiday-thinned Saturday’s trading. The spot extends the rebound into the third straight day, as the bulls now gather pace for the next push higher. The No. 10 crypto coin remains on track end the week almost unchanged. The market capitalization for EOS/USD stands at $2.29 billion.
Short-term technical perspective
EOS/USD hourly chart
The spot is on the verge of a bullish pennant breakout, with an hourly close above 2.4768 likely to validate the pattern. The bulls will head towards the pattern target at $2.5695.
Bolstering the bullish momentum in EOS/USD is a golden cross (50-HMA crossing above the 200-period HMA) spotted on the hourly sticks. While the coin trades above all major HMAs, the hourly Relative Strength Index (RSI) lies flat in the positive territory near 66.0.
Alternatively, a break below the rising trendline support at $2.4620, the pattern will fail, opening doors for a test of the bullish 21-HMA at $2.4050. The aforesaid level is strong support, which could cap the retreat in the near-term.
To conclude, the upside remains more compelling amid the bullish technical set up on the said time horizon.
EOS/USD levels to watch
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
