Crypto Analysis

EOS Price Holding Key Uptrend Support: BTC, ETH, XRP Trading Sideways

EOS Price Analysis Chart

EOS price rallied above the $6.500 level before starting a downside correction. EOS is currently holding an important support and it could rally along with the ETH, XRP and BTC.

Key Talking Points

  • EOS price tested the $5.700 support area and it is currently recovering (Data feed of Kraken) against the US Dollar.
  • There is a major bullish trend line forming with support near $6.060 on the 4-hours chart.
  • The price is likely to bounce back above the $6.400 and $6.500 resistance levels.

EOS Price Analysis

This past week, there was a strong rise in EOS and other cryptocurrencies (bitcoin, Ethereum and litecoin) against the US Dollar. EOS price rallied above the $6.200 and $6.500 resistance levels to trade to a new 2019 high.

EOS Price Analysis Chart

The chart above indicates that EOS price formed a swing high near the $6.770 and later corrected lower sharply. There was a strong push below the $6.500 and $6.400 levels. There was even a push below the $6.000 level, but the price remained well above the 100 simple moving average (4-hours).

A swing low was formed near $5.723 and it recently moved above the $6.250 level. A swing high was formed at $6.610 and the price recently corrected lower.

It traded below the $6.200 support and the 50% Fib retracement level of the recent wave from the $5.723 low to $6.610 high. However, the price is now trading above the key supports near the $6.050 and $6.000 levels.

There is also a major bullish trend line forming with support near $6.060 on the same chart. The 61.8% Fib retracement level of the recent wave from the $5.723 low to $6.610 high is also holding losses.

The current price action is positive and it seems like the price is likely to climb above the $6.400 and $6.550 resistance levels. A clear break above the $6.550 level could open the doors for more gains in the near term.

Overall, EOS is holding important supports above the $6.000 level. As long as the price stays above $6.000, it is likely to climb higher in the near term.

The market data is provided by TradingView.

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: aayushjindal@ethereumworldnews.com
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