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.

EOS Price Analysis

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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.

EOS Price Analysis and Prediction

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.

Overall, there are many positive signs, suggesting gains in bitcoin above $5,000, Ethereum above $170.00, bitcoin cash above $300.00, EOS above $6.00, and litecoin above $85.00.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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