EOS Price Remains In Strong Uptrend Versus USD, BTC and ETH
EOS price rallied this past week
above the $4.25 barrier against the US Dollar. EOS is currently consolidating gains
and it could soon resume its upside versus USD, BTC and ETH.
Key Talking Points
EOS price gained bullish momentum after it broke
the $4.00 resistance (Data feed of Kraken) against the US Dollar.
There is a major contracting triangle in place with
support at $4.10 on the 4-hours chart.
The price might correct a few points before it breaks
the $4.30 barrier for more upsides.
EOS Price Analysis
This past week, there was a solid upward move in bitcoin, ripple, litecoin, Ethereum and EOS against the US Dollar. EOS price established a strong support above the $3.50 level and later rallied above the $3.80 and $4.00 resistance levels to move into a positive zone.
above indicates that EOS price gained a strong bullish momentum after it broke
the $4.00 and $4.05 resistance levels. There was even a close above the $4.05
level and the 100 simple moving average (4-hours).
Bulls pushed the price above the $4.25 and $4.30 resistance
levels. A new swing high was formed near $4.37 before the price started a
downside correction. It moved below the $4.25 level and the 23.6% Fib
retracement level of the last wave from the $3.58 low to $4.37 high.
At the outset, there is a major contracting triangle in
place with support at $4.10 on the 4-hours chart. If there is a downside break,
the next key support is near the $4.10 level.
However, the main support is near the $4.00 level and the
50% Fib retracement level of the last wave from the $3.58 low to $4.37 high. On
the other hand, a clear break above the $4.30 resistance might set the pace for
more gains above the $4.40 level.
Overall, EOS price is placed nicely in an uptrend and dips
remain supported above the $4.00 and $4.10 levels in the near term. On the upside,
a break above the $4.30 and $4.40 levels could push the price towards the $4.50