EOS price surged higher and broke the key $5.00 resistance area. BTC, ETH and LTC are gaining momentum, which could push EOS towards the $6.00 or even $7.00 level.
- EOS price gained more than 12% and it recently broke the key $5.00 and $5.20 resistances.
- There is a crucial bullish trend line in place with support at $5.08 on the 2-hours chart.
- The price is placed in a strong uptrend, with chances of more gains above $6.00.
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EOS Price Analysis and Prediction
The recent upsurge in bitcoin lifted the complete crypto market (Ethereum, litecoin, bitcoin cash, ripple and others). EOS too gained bullish momentum above the $4.50 resistance and it recently climbed above the key $5.00 resistance.
Click to Enlarge Chart
Looking at the 2-hours chart of EOS/USD, the pair formed a solid support above the $4.10 level and the 25 simple moving average (2-hours). There were range moves for a few hours before the price broke the $4.45 and $4.50 resistance levels.
It opened the doors for a strong rise and the price rallied above the $5.00 and $5.20 resistances. The price traded close to the $5.50 level and a new yearly high was formed at $5.482.
Later, there was a downside correction below the $5.30 level and the 23.6% Fib retracement level of the last wave from the $4.670 low to $5.482 high. However, the downside was protected by the $5.08-5.10 support area.
There is also a crucial bullish trend line in place with support at $5.08 on the same chart. Bulls also defended the 50% Fib retracement level of the last wave from the $4.670 low to $5.482 high.
EOS found a strong support near the $5.08-5.10 area and it is currently moving higher. An initial resistance is at $5.40, above which it could break the $5.48 high for an upside extension. In the mentioned case, bulls are likely to target the $6.00 level in the coming sessions.
The market data is provided by TradingView, Bitfinex.