Crypto Analysis

EOS Price Primed To Break $6.00: BTC, ETH, XRP Rallies Significantly

EOS price gained traction and broke the $5.500 and $5.650 resistance levels against the US Dollar. EOS could continue higher, with strong gains in ETH, XRP and BTC.

Key Talking Points

  • EOS price surged higher above the $5.252 and $5.500 resistance levels (Data feed of Kraken) against the US Dollar.
  • There was a break above a crucial contracting triangle with resistance at $4.900 on the 4-hours chart.
  • The price is about to break the $5.950 and $6.000 resistance levels, with a bullish bias.

EOS Price Analysis

In the past few sessions, there was a strong rally in EOS and other cryptocurrencies (bitcoin, Ethereum and litecoin) against the US Dollar. EOS price started a solid upward move and broke the $5.252 and $5.500 resistance levels.

EOS Price Analysis Chart

The chart above indicates that EOS price formed a strong support near the $4.500 level and recently started a significant rally. It broke the $5.000 pivot level to enter a positive zone. Later, there was a break above the $5.250 resistance and the 100 simple moving average (4-hours).

Besides, there was a break above a crucial contracting triangle with resistance at $4.900 on the 4-hours chart. The pair even broke the $5.500 and $5.650 resistance levels.

It traded close to the $6.00 level and formed a swing high at $5.956. An immediate support is near the $5.750 level and the 23.6% Fib retracement level of the recent wave from the $5.199 low to $5.956 high.

The main support on the downside is near the $5.550. It also coincides with the 50% Fib retracement level of the recent wave from the $5.199 low to $5.956 high.

The current price action is positive and it seems like EOS price is likely to clear the $5.950 and $6.000 resistance levels. The next key resistance is near the $6.150 level, above which the price may test $6.250.

Overall, EOS is gaining bullish momentum along with bitcoin and Ethereum. Therefore, any dip from the current levels may be seen as a buying opportunity near $5.750 or $5.550.

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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