DAILY NOTION: EOS Price Analysis: EOS Breakout Cut Short

EOS retreated nearly by 43% from the highs traded in August at $3.88.

Support slightly above $2.2 brought back some resemblance of stability as well as hope for recovery.

However, a recent breakout has run into stacks of resistance, hence delaying the expected bullish momentum.

EOS stuck between key resistance and support.

The smart contract has recently broken above a descending triangle’s hypotenuse. This called for an increase in buy orders, culminating in gains past $2.5 and the 50 Simple Moving Average.

However, the breakout has been cut short by intense seller congestion at the 200 SMA on the daily chart.

To sustain the uptrend, EOS has to close the day trading above this immediate hurdle. At the same time, buyers must be aware that the 100-day SMA may hinder price movement at $2.75.

Original article:

https://www.fxstreet.com/crypt...