Crypto Analysis

EOS Price Analysis: Rally Resumes, $4.00 and $4.50 Targets Back In Sight

EOS Price Analysis Chart

EOS price started a fresh rally after correcting below the $3.50 support level against the US Dollar. EOS gained more than 15% recently and jumped higher versus USD, BTC and ETH.

Key Talking Points

  • EOS price is back in an uptrend, with a break above the $3.50 resistance level (Data feed of Kraken) against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $3.40 on the 4-hours chart.
  • The price rallied towards the $3.80 level and it is currently correcting lower.

EOS Price Analysis

In the last week, we saw a sharp decline in bitcoin, ripple, EOS, litecoin, binance coin and other cryptocurrencies against the US Dollar. However, BNB and EOS price recently found a strong buying interest and started a solid uptrend.

EOS Price Analysis Chart

The chart above indicates that EOS price traded as low as $3.13 and later rallied above the $3.20 and $3.40 resistance levels. The recent upward move was strong as there was a close above the $3.50 resistance and the 100 simple moving average (4-hours).

During the rise, there was a break above a major bearish trend line with resistance at $3.40 on the 4-hours chart. The pair gained pace above the $3.50 resistance and traded towards the $3.80 level.

A high was formed at $3.81 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the recent wave from the $3.13 low to $3.81 high.

However, the decline was contained by the $3.55 and $3.50 support levels. Besides, there is a strong support formed near the $3.45 level and the 50% Fib retracement level of the recent wave from the $3.13 low to $3.81 high.

Therefore, EOS clearly remains supported on dips near the $3.50 level. If buyers remain in action, the price could rally further above the $3.80 swing high. The next targets for buyers could $4.00 or even $4.20. There could be a test of $4.50 level if bitcoin, Ethereum, ripple, and other cryptocurrencies continue to grind higher.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: [email protected]