Crypto Analysis

EOS Price Sighting Upside Break: BTC, ETH, XRP Climbing Higher

EOS price formed a decent support base above $5.700 and $5.800. EOS seems to be eyeing a strong upward move above $6.100, while bitcoin, ETH, XRP and litecoin are currently rising steadily.

Key Talking Points

  • EOS price is showing a lot of positive signs above the $5.800 support area (Data feed of Kraken) against the US Dollar.
  • There is a major breakout pattern forming with resistance near $6.050 on the 4-hours chart.
  • The price is likely to break the $6.050 and $6.100 resistance levels to start an upward move.

EOS Price Analysis

After a sharp decline, EOS price found support near the $5.520 level. Recently, it started a steady rise above the $5.800 resistance. Besides, there were decent gains noted in bitcoin, EOS, Ethereum and litecoin against the US Dollar.

EOS Price Analysis Chart

The chart above indicates that EOS price formed a decent support base above $5.700 and $5.800, but it is still well below the 100 simple moving average (4-hours).

The price settled above the $5.800 level and the 50% Fib retracement level of the last slide from the $6.383 high to $5.520 low. However, the price is facing a strong resistance near the $6.050 and $6.080 levels.

Moreover, there is a major breakout pattern forming with resistance near $6.050 on the 4-hours chart. The 61.8% Fib retracement level of the last slide from the $6.383 high to $5.520 low is also acting as a resistance.

If there is an upside break above the $6.050 and $6.080 resistance levels, the price could climb further higher. The next key resistance is near the $6.250 level and the 100 simple moving average (4-hours).

Above the 100 simple moving average (4-hours), the next major resistance is near the $6.600 level and a connecting bearish trend line on the same chart. On the downside, there are many supports forming near the $5.800 level, below which the price could revisit $5.500.

Overall, EOS price seems to be preparing for the next key break above the $6.050 and $6.080 resistance levels. If it fails to climb higher, it could decline again towards $5.500.

The market data is provided by TradingView.

Aayush Jindal
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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