Crypto Analysis

EOS Price Sighting Upside Break Versus USD, BTC and ETH

EOS Price Analysis Chart

EOS price is slowly climbing higher above $5.000 against the US Dollar. EOS could start a strong upward move versus USD, BTC and ETH once it clears the $5.070 resistance.

Key Talking Points

  • EOS price is showing positive signs above the $4.850 and $4.950 levels (Data feed of Kraken) against the US Dollar.
  • There are two major bearish trend lines in place with resistance near $5.000 on the 4-hours chart.
  • The price could start a strong upward move once it clears the $5.000 and $5.070 resistances.

EOS Price Analysis

This past week, there was a downside correction in EOS and other cryptocurrencies (bitcoin, Ethereum and litecoin) against the US Dollar. EOS price traded below the $5.000 and $4.700 support levels before it found support near the $4.320 area.

EOS Price Analysis Chart

The chart above indicates that EOS price declined heavily before the bulls took a stand near the $4.320 and $4.340 levels. Later, there was a steady rise above the $4.500 and $4.55 resistance levels.

The price even climbed above $4.800 and $5.000, but it struggled to hold gains. A swing high was formed near $5.121 and recently the price declined below the $4.750 level. A swing low was formed at $4.609 and the price climbed higher in the past three sessions.

It broke the 50% Fib retracement level of the last drop from the $5.121 high to $4.609 low.  There was also a close above the $4.850 level and the 100 simple moving average (4-hours).

The price is currently testing the key $5.000 resistance level. There are also two major bearish trend lines in place with resistance near $5.000 on the 4-hours chart. Above the trend lines, the next major hurdle for the bulls is near the $5.070 level.

Therefore, a successful close above the $5.000 and $5.070 levels may trigger a nasty upward move in EOS price. An immediate resistance is near $5.250 and the 1.236 Fib extension level of the last drop from the $5.121 high to $4.609 low. A clear break above the $5.250 level is likely to open the gates for a push towards the $6.000 and $6.100 resistance levels.

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: [email protected]
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