EOS Price Analysis: Bulls In Control, Next Targets $3.20, $3.40
EOS price rallied recently and traded above the $2.50 and $2.80 resistances against the US Dollar. The current price action is positive, suggesting more gains in EOS the USD, BTC and ETH.
Key Talking Points
EOS price climbed higher sharply and broke the $2.50 resistance (Data feed of Kraken) against the US Dollar.
Recently, there was a break above an ascending channel with resistance at $2.88 on the 4-hours chart.
The price is placed nicely in an uptrend and it could climb above $3.00 to test the $3.20 resistance.
EOS Price Analysis
Recently, there was a solid upward move in bitcoin, Ethereum, ripple, EOS and other cryptocurrencies against the US Dollar. EOS price gained traction after it broke the $2.50 resistance area, which acted as a solid barrier on many occasions.
The chart above indicates that EOS price broke a crucial consolidation pattern with resistance at $2.40, opening the doors for a sharp rally. Buyers gained control above the $2.50 resistance and the 100 simple moving average (4-hours).
The upward move was strong as the price climbed above the $2.80 and $2.90 resistance. Recently, there was a break above an ascending channel with resistance at $2.88 on the 4-hours chart.
The price traded close to the $3.00 resistance and the previous swing high at $2.98. At the moment, the price is consolidating gains below $3.00, with an initial support near the $2.80 level and the 23.6% Fib retracement level of the recent wave from the $2.26 low to $2.97 high.
If there is an extended downside correction, the price could test the $2.65 or $2.60 support levels. Besides, the 50% Fib retracement level of the recent wave from the $2.26 low to $2.97 high is also near the $2.60 level.
Overall, there were solid bullish moves in EOS price above the $2.80 resistance. Once buyers gain momentum above the $3.00 resistance, the price could rally towards the $3.20 or $3.225 level in the coming sessions.