Crypto Analysis

EOS Price Setting Up For Next Key Break Versus USD, BTC and ETH

EOS price surged higher this past week above the $5.00 and $5.50 resistances against the US Dollar. EOS is trading in a range and it seems to be preparing for the next break versus USD, BTC and ETH.

Key Talking Points

  • EOS price is placed in a positive zone above the $5.40 and $4.85 supports (Data feed of Kraken) against the US Dollar.
  • There is a crucial contracting triangle in place with support at $5.40 on the 4-hours chart.
  • The price is setting up for the next break either above $5.70 or towards the $4.85 support level.

EOS Price Analysis

This past week, there was a strong rally in bitcoin, ripple, litecoin, Ethereum and EOS against the US Dollar. Earlier, EOS price consolidated below the $4.20 and $4.40 resistance levels. Later, it surged higher and broke many resistances such as $4.40, $5.00 and even $5.50.

EOS Price Analysis

The chart above indicates that EOS price climbed higher sharply after it broke the $4.40 resistance and settled above the 100 simple moving average (4-hours). Buyers gained traction and pushed the price towards the $6.00 level.

A new 2019 high was formed at $5.964 before the price started a downside correction. It declined below the $5.50 and $5.20 support levels. There was even a break below the $5.00 level before buyers appeared near the $4.85 level.

A swing low was formed at $4.853 and recently the price moved higher. It broke the $5.50 level and the 50% Fib retracement level of the last decline from the $5.964 high to $4.853 low.

However, the upside move was capped by the $5.70 level and the 76.4% Fib retracement level of the last decline from the $5.964 high to $4.853 low. At the moment, there is a crucial contracting triangle in place with support at $5.40 on the 4-hours chart.

Therefore, EOS price seems to be preparing for the next break either above the $5.70 resistance or below the $5.40 support. If buyers gain traction above $5.70, the price could even break the $6.00 resistance. If not, the price is likely to revisit the $4.85 support area in the near term.

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
Sign up for our Newsletter