EOS price analysis: EOS/USD gains 11% piggy-backing on altcoins uprise

  • EOS recovery is gaining traction, $6.00 within reach.
  • Critical resistance is created by $6.70.

EOS, the 5th largest coin with the market cap $5.2B and average daily trading volume $800M is changing hands at $5.78, gaining over 11% on a daily basis. The coin has been moving in lockstep with other altcoins, creating a positive technical environment for a prolonged recovery. The bullish drive for the global cryptocurrency market helped EOS/USD stay above critical $5.00 and pushed it above DMA50 at $5.48.

EOS technical picture

Looking technically, EOS/USD touched $5.95 late on Thursday before retracing to $5.80 by press time. The coin passed all SMAs on intraday intervals including SMA200 on 4-hour chart, and the above said DMA50, which creates a favorable setup for further growth. On the upside, the price may continue recovering towards psychological $6.00 followed by the upper line of August channel at $6.7. A sustainable movement higher is needed to confirm the reversal.

On the downside, the first barrier is seen at $5.4 followed by $5.25 (SMA50 and SMA100, 4-hour chart). A move below this level will mean that the recovery is over.

EOS/USD, daily chart

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