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.
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.