EOS price started following bitcoin’s path and climbed sharply above $5.200 and $5.700 resistance levels. The bulls remain in control and they are likely to target further upsides above $6.200 and $6.400.
- EOS price broke the main $5.200 resistance level to start a solid uptrend.
- Recently, there was a break above a contracting triangle with resistance at $5.700 on the 2-hours chart.
- The price rallied, traded as high as $6.195 and it is currently correcting gains.
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EOS Price Analysis and Prediction
This week, EOS price started a strong upward move after the bulls successfully cleared the main $5.200 and $5.250 resistance levels. It opened the doors for gains above the $5.450 and $5.650 pivot levels.
Click to Enlarge Chart
Looking at the 2-hours chart of EOS/USD, the pair settled well above the $5.650 level and the 25 simple moving average (2-hours). It tested the $5.800 level and recently formed a contracting triangle.
Finally, there was another leg higher and the price broke the contracting triangle resistance at $5.700. As a result, the price rallied above the $6.000 resistance level and traded to a new monthly high at $6.195.
Recently, the price corrected below the $6.000 level and the 23.6% Fib retracement level of the latest wave from the $5.394 low to $6.195 high.
However, the triangle resistance area near $5.700 acted as a strong support along with the 61.8% Fib retracement level of the latest wave from the $5.394 low to $6.195 high. The price is currently consolidating above $5.700 and it seems like it could start another increase.
If there is a break above the $6.000 resistance, the price is likely to clear the $6.200 resistance. The next key resistance for the bulls is close to $6.450.
Alternatively, if there is a downside extension below the $5.700 support, EOS price might find bids near the $5.580 level and the 25 simple moving average (2-hours). To reverse the recent gains, the price must break the $5.200 pivot level.
The market data is provided by TradingView, Bitfinex.