EOS price bounced back recently after trading close to the $5.000 support area. However, EOS bulls are facing a lot of hurdles near the $5.500 resistance area.

  • EOS price traded as low as $5.024 and recently bounced back above $5.300.
  • There is a crucial bearish trend line in place with resistance at $5.480 on the 2-hours chart.
  • The price must surpass the $5.500 resistance to climb towards $5.700 and $5.850.

EOS Price Analysis

Read: Trade EOS at eToro

EOS Price Analysis and Prediction

Earlier this week, there was a sharp decline in EOS price from the $5.565 swing high. The price broke the $5.420, $5.300, and $5.200 support levels. It even cleared the $5.100 support and traded as low as $5.024.

EOS Price Analysis and Prediction Chart

Click to Enlarge Chart

Looking at the 2-hours chart of EOS/USD, the pair started a strong recovery after forming a new weekly low at $5.024. It broke the $5.200 resistance and the 25 simple moving average (2-hours). There was even a break above the 50% Fib retracement level of the last downward move from the $5.565 high to $5.024 low.

Besides, the recent rally in bitcoin price above $5,550 helped EOS, Ethereum, ripple, bitcoin cash, cardano and other cryptocurrencies in gaining bullish momentum.

EOS price even broke the $5.400 level and tested the 76.4% Fib retracement level of the last downward move from the $5.565 high to $5.024 low. However, the bulls struggled to gain momentum above the $5.440 and $5.450 resistance levels.

More importantly, there is a crucial bearish trend line in place with resistance at $5.480 on the same chart. A convincing break above the trend line and a follow through above $5.500 is needed for a strong upward move towards the $5.700 pivot level.

The $5.700 is a major barrier for the bulls since it represents the 1.236 Fib extension level of the last downward move from the $5.565 high to $5.024 low.

Alternatively, if there is a bearish break below the $5.250 support, EOS price could revisit the $5.100 support zone. Any further losses might increase selling pressure and the price might even slide below the key $5.000 support area.

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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