EOS Price Bounces Off Support After Hard Sell Off

The price of EOS had quite the run after breaking above $3.90 where it soared to $5.40 in no time before profit takers and sellers came in to smack it down.

Catching Falling Knives....

As you can see on the daily chart price got hit hard and fell just as fast as it went up. Initially it looked like price was going to rebound at $4.40 with back to back reversal candles (the two long lower wicks) but that didn't last long as sellers pushed price down to the support level of $3.90.

What's important is buyers were able to make a stand at that level and have since rallied price higher.

The key is for price to remain above that support, even if upward momentum wanes.

Next upside target is that high that was just made at $5.40, with the close by resistance of $5.60 being next.

Posted via Steemleo