EOS price topped near the $6.05 level and corrected below $5.50. The price is currently forming a major breakout pattern and seems to be setting up for the next break either above $5.60 or towards $4.90.

  • EOS price corrected lower and tested the $5.10 support area.
  • There is a crucial contracting triangle in place with resistance at $5.50 on the 2-hours chart.
  • The price could either rally above the $5.60 resistance or correct further towards $4.90.

EOS Price Analysis

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EOS Price Analysis and Prediction

After a strong rise, EOS price faced a strong resistance near the $6.05-6.10 area. The price traded as high as $6.075 and later started a significant downside correction. It broke the $6.00 and $5.80 support levels to move into a short term bearish zone.

EOS Price Analysis and Prediction Chart

Click to Enlarge Chart

Looking at the 2-hours chart of EOS/USD, the pair even broke the $5.50 support area and settled below the 25 simple moving average (2-hours). The price traded close to the $5.00 support area and a swing low was formed at $5.109.

Later, the price traded in a range and recently climbed above the $5.40 level and the 25 simple moving average (2-hours). There was a break above the 23.6% Fib retracement level of the last downside correction from the $6.075 high to $5.109 low.

The price even spiked above the $5.60 level and the 50% Fib retracement level of the last downside correction from the $6.075 high to $5.109 low. However, the bulls failed to hold gains above $5.60 and the price retreated below $5.50.

At the outset, there is a crucial contracting triangle in place with resistance at $5.50 on the same chart. If EOS clears the triangle resistance and jumps above $5.52, there are high chances of a fresh increase above the $5.80 and $5.95 levels in the coming sessions.

Alternatively, if there is a downside break below the $5.28 support, the price could extend the last downside correction below the $5.20 and $5.10 levels. It could even test $4.90, where EOS bulls are likely to protect further losses.

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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