EOS tried to break out of the descending channel for the second time within five days but failed. It is showing strength but it has a slew of resistances from the current levels up to $7.28.
We like the EOS/USD pair because it did not revisit its March 18 lows of $3.8723 in the recent correction. This shows that the buyers are accumulating on every small dip and there is a lack of sellers at these levels.
We have recommended initiating long positions at $7.5 after the virtual currency clears the overhead resistances. This will pave way for a rally to $11 levels. The stop loss can be kept at $5 initially, which can be trailed higher subsequently.