EOS Slowly Recovers the Recent Dip; Targets $3 Price Mark

• EOS coin is consolidating today after yesterday’s mild rebound
• The coin seems to have a support level at $2.5; traces a bullish trendline from there
• SMA lines have just formed a death cross; technical indicators give mixed signs
• Yesterday’s price recovery took place after an inverse head and shoulder pattern

Since today morning, the EOS price has not shown any major price fluctuation as it has kept trading around $2.58 to $2.63. Notably, after yesterday’s dip below $7000, Bitcoin has started an uptrend but is yet to trade above $7200.

EOS Price Analysis:

EOS opened at $2.81 yesterday, which is the highest price mark in the last 24 hours. After tracing a dip at $2.71, the coin has reached at $2.80 tracing a lower high. The coin further tumbled to $2.63, tracing another lower high. Here, the EOS price path has formed an inverse head-and-shoulder pattern indicating an upcoming rebound.

Seeing a support level at $2.5, EOS coin has started a mild recovery, which is currently range-bound between $2.58 to $2.63. The currency is trading with its price at $2.59 at 09:03:05 UTC.

The EOS price is still dealing with a bearish zone, while its technical indicators are yet to give any extreme opinion. MACD chart is heading towards a positive phase as it is tracing a bullish crossover. RSI is just above 50, noting a stable zone. The short term SMA line has just slipped below the long term SMA line, which notes a death cross, indicating a price fall.

In the last one year, EOS has traded as high as $8.31, and currently, the coin is approaching dips below its lowest price level. The coin may face resistance at $2.82, $3 and $3.16 and support levels at $2.48, $2.32 and $2.14.