EOS price climbed higher after forming support near the $3.25 level against the US Dollar. EOS is currently placed nicely in a positive zone and it could extend upsides versus USD, BTC and ETH.
Key Talking Points
- EOS price traded higher and broke the $3.60 resistance level (Data feed of Kraken) against the US Dollar.
- There is a crucial bullish trend line in place with support at $3.62 on the 4-hours chart.
- The price remains supported on dips and it could climb higher towards $3.82 and $4.00.
EOS Price Analysis
Recently, there were strong bullish moves in bitcoin, ripple, EOS, litecoin, binance coin and other cryptocurrencies against the US Dollar. Later, most of them corrected lower and EOS price too corrected a few points from the $3.80 resistance, but it remains supported on dips.
The chart above indicates that EOS price formed a solid support near the $3.25 level and later started a strong upward move. It broke the $3.50 and $3.60 resistance levels to move into a positive zone.
There was also a break above a key bearish trend line with resistance at $3.60 on the 4-hours chart. It opened the doors for more gains above $3.70 and the price settled above 100 simple moving average (4-hours).
The price climbed towards the $3.82-.3.85 resistance area, where sellers appeared. A high was formed near the $3.81 level before the price started a downside correction. It declined below the 23.6% Fib retracement level of the recent wave from the $3.284 low to $3.881 high.
However, there are many supports on the downside above the $3.60 level. There is also a crucial bullish trend line in place with support at $3.62 on the same chart. Besides, the 100 SMA is positioned near the $3.60 level.
If EOS price breaks the $3.60 support, it could test $3.55 and the 50% Fib retracement level of the recent wave from the $3.284 low to $3.881 high. The overall price structure is positive and it seems like there could be more gains above $3.75. $3.80 and $3.85 as long as the price stays above the $3.50 pivot level.
The market data is provided by TradingView.
