EOS had been trading inside the descending channel since February 02 of this year. Hence, a break out of this indicates a probable change in trend. The cryptocurrency can either become range bound or start a new trend.
It has broken out of the 50-day SMA and is currently at the final overhead resistance at $7.28.
Once the EOS/USD pair clears this resistance, it should start a new uptrend, which has the potential to reach $11 levels. Hence, we retain our recommendation of buying the coin at $7.5 with a stop loss of $5.
If price fails to clear $7.28 levels, we may see a few days of consolidation.