Crypto Analysis

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.

EOS Price Analysis Chart

The chart 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 level.

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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