EOS price surged more than 20% and broke the $3.00 resistance zone against the US Dollar. Buyers are in full control, suggesting more upsides in EOS versus the USD, BTC and ETH.
Key Talking Points
- EOS price rallied recently and broke the $3.00 and $3.50 resistance levels (Data feed of Kraken) against the US Dollar.
- There was a break above a contracting triangle pattern with resistance near the $2.90 level on the 4-hours chart.
- The price traded close to the $3.80 resistance and it is currently correcting gains.
EOS Price Analysis
Recently, Ethereum started a nasty uptrend and dragged bitcoin, ripple, EOS and other cryptocurrencies against the US Dollar. EOS price gained heavy buying interest, resulting in upsides close to 25%.
The chart above indicates that EOS price formed a decent support base above the $2.70 level after the previous rally. Later, there was a consolidation pattern formed above the $2.70 and $2.75 support levels, with a bullish 100 simple moving average (4-hours).
Finally, the price gained traction and broke the $2.80 and $3.00 resistance levels. More importantly, there was a break above a contracting triangle pattern with resistance near the $2.90 level on the 4-hours chart.
It opened the doors for more gains and the price broke the $3.00 and $3.50 resistance levels. It traded close to the $3.80 resistance and later started a downside correction.
An initial support is near the $3.50 level and the 23.6% Fib retracement level of the recent wave from the $2.74 low to $3.77 high. However, the main support is near the $3.20 level, which is a pivot level and a confluence support zone.
The 50% Fib retracement level of the recent wave from the $2.74 low to $3.77 high is also near the $3.20 level to act as a solid support. Overall, the recent rise in the crypto market is encouraging and it seems like bitcoin, litecoin, Ethereum, ripple, EOS and other cryptocurrencies might continue to rise. The next bullish targets for EOS could be close to $4.00 and $4.50 in the near term.
The market data is provided by TradingView.
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