EOS Trading: EOS Rebounds Above $6 As Buyers Regain Momentum

EOS Trading: EOS Rebounds Above $6 As Buyers Regain Momentum
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EOS Price Analysis – May 25

Considering the last 24-hour market change, the bulls have assumed the control of the market as buying pressure compounds. Now, the EOS market is beginning to rise again after flooring at $5.8. The token might retrace to close support before a bullish continuation plays out. EOS price currently trades at $6.5.

EOS/USD Market

Key Levels:
Resistance levels: $6.8, $7
Support levels: $6, $5.8

Earlier this month, EOS followed a bullish scenario after recording low at the $4.6, which saw the token to the peak of $6.8 area before dropping to $5.8. Afterward, the EOS/USD market has traded below the $6.6 level – which has been a crucial level for the buyers to visit the next resistance.

EOSUSD, 4H Chart – May 25

If the market successfully surpassed the level, the $6.8 resistance will be the level in line for the bulls. Above the $6.8 resistance, EOS buying may further to $7. Inversely, the market might drop to a tight area of $6 – $5.8.

Currently, the 4-hours RSI is reflected above the 50 level which means the buying pressure has resumed in the market. The medium-term MACD has just broken up the zero level, signaling that the bulls are stepping into the market.

EOS/BTC Market

EOS/BTC market has been subdued with selling pressure over the past few weeks. Now, the cryptocurrency seems to be taking off as the buyers show a sign of commitment in the last 24-hours of trading. The bulls’ reaction is quite revealed on the 4-hours RSI, amounting to a positive sign as the market head above the 50 level.

EOSBTC, 4H Chart – May 25

In a short time, we can see the price at the 0.000846BTC resistance and potentially at 0.0009BTC level, respecting the ascending broadening wedge formation. If the market takes a downward direction, the EOS price may retest the 0.00076BTC support area.

Breaking this level might further drop the market at 0.0007BTC support. Lying at the horizon of the zero level, the 4-hour MACD is slowly climbing.

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About AzeezMustaph

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.