EagleFX

EOS price declined heavily this past week and even broke the $6.000 support. It is currently consolidating gains and seems to be preparing for the next break. Can it climb higher similar to bitcoin and Ethereum?

  • EOS price tested the $5.560 level and it is currently consolidating losses.
  • A major breakout pattern is forming with resistance near $6.000 on the 2-hours chart.
  • The price could either surge above the $6.000 resistance or start a fresh decline.

EOS Price Analysis

EOS Price Analysis and Prediction

In the past few days, there was a strong decline in EOS price below the $6.500 and $6.200 support levels. It even broke the $6.000 support level and traded close to $5.560. At the outset, it consolidating in a range and is preparing for the next break, while bitcoin and Ethereum recovered nicely in the past few sessions.

EOS Price Analysis and Prediction

Click to Enlarge Chart

Looking at the 2-hours chart of EOS/USD, the pair settled below the $6.000 support and the 25 simple moving average (2-hours). The last swing low was formed near $5.563 and the price recently corrected higher.

It broke the $5.750 resistance and the $5.800 pivot level. There was a break above the 50% Fib retracement level of the last drop from the $6.394 high to $5.563 low.


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However, the price struggled to clear the $6.000 and $6.1000 resistance levels. At the outset, it seems like there is a major breakout pattern forming with resistance near $6.000 on the same chart.

The 61.8% Fib retracement level of the last drop from the $6.394 high to $5.563 low is also near the $6.070 to act as a resistance. Therefore, if there is an upside break above the $6.000 and $6.070 levels, the price could stage a strong rise in the coming days.

The next major resistance is near the $6.350 and $6.400 levels, above which it could climb further towards $6.700. Conversely, if EOS price fails to climb above $6.000, there might be a fresh decline in the near term.

An initial support is near the $5.800 level, below which EOS may perhaps decline towards the $5.400 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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