Crypto Analysis

EOS Price Sighting More Upsides: BTC, ETH, XRP Gaining Momentum

EOS price remained well bid above the key $7.000 support area. EOS is likely to accelerate higher above $7.600 in the near term similar to bitcoin, ETH, XRP and litecoin.

Key Talking Points

  • EOS price started a minor downside correction after it traded as high as $7.598 (Data feed of Kraken) against the US Dollar.
  • There is a crucial ascending channel forming with support near $7.080 on the 4-hours chart.
  • The price is likely to remain in an uptrend and it could even surpass $7.400 and $7.600.

EOS Price Analysis

In the past couple of days, there were solid gains in bitcoin, EOS, Ethereum and litecoin against the US Dollar. EOS price traded above the $7.000 and $7.200 resistance levels to move into a positive zone.

EOS Price Analysis Chart

The chart above indicates that EOS price even broke the $7.4500 resistance level and 100 simple moving average (4-hours). It traded as high as $7.598 before starting a downside correction.

It broke the $7.400 support and the 50% Fib retracement level of the recent leg from the $6.634 low to $7.598 high. However, the $7.000 support area acted as a strong buy zone and prevented downsides.

Moreover, the 61.8% Fib retracement level of the recent leg from the $6.634 low to $7.598 high acted as a support. At the outset, there is a crucial ascending channel forming with support near $7.080 on the 4-hours chart.

As long as the price is above the channel support and $7.000, it remains in an uptrend. An immediate resistance is near the $7.400 level, above which there are chances of more gains above the $7.500 and $7.600 levels.

The next key resistances are $7.775 and $7.850. On the downside, the main support for EOS is near the $7.000 level, below which the price might trade back towards the $6.750 support.

Overall, EOS price is trading with a positive bias above the $7.000 support. Therefore, there are high chances of it gaining momentum above the $7.400 and $7.600 resistance levels 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
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