EOS price rallied recently and traded above the $2.50 and $2.80 resistances against the US Dollar. The current price action is positive, suggesting more gains in EOS the USD, BTC and ETH.
Key Talking Points
- EOS price climbed higher sharply and broke the $2.50 resistance (Data feed of Kraken) against the US Dollar.
- Recently, there was a break above an ascending channel with resistance at $2.88 on the 4-hours chart.
- The price is placed nicely in an uptrend and it could climb above $3.00 to test the $3.20 resistance.
EOS Price Analysis
Recently, there was a solid upward move in bitcoin, Ethereum, ripple, EOS and other cryptocurrencies against the US Dollar. EOS price gained traction after it broke the $2.50 resistance area, which acted as a solid barrier on many occasions.
The chart above indicates that EOS price broke a crucial consolidation pattern with resistance at $2.40, opening the doors for a sharp rally. Buyers gained control above the $2.50 resistance and the 100 simple moving average (4-hours).
The upward move was strong as the price climbed above the $2.80 and $2.90 resistance. Recently, there was a break above an ascending channel with resistance at $2.88 on the 4-hours chart.
The price traded close to the $3.00 resistance and the previous swing high at $2.98. At the moment, the price is consolidating gains below $3.00, with an initial support near the $2.80 level and the 23.6% Fib retracement level of the recent wave from the $2.26 low to $2.97 high.
If there is an extended downside correction, the price could test the $2.65 or $2.60 support levels. Besides, the 50% Fib retracement level of the recent wave from the $2.26 low to $2.97 high is also near the $2.60 level.
Overall, there were solid bullish moves in EOS price above the $2.80 resistance. Once buyers gain momentum above the $3.00 resistance, the price could rally towards the $3.20 or $3.225 level in the coming sessions.
The market data is provided by TradingView.
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