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EOS price started a fresh rally after correcting below the $3.50 support level against the US Dollar. EOS gained more than 15% recently and jumped higher versus USD, BTC and ETH.
Key Talking Points
- EOS price is back in an uptrend, with a break above the $3.50 resistance level (Data feed of Kraken) against the US Dollar.
- There was a break above a major bearish trend line with resistance at $3.40 on the 4-hours chart.
- The price rallied towards the $3.80 level and it is currently correcting lower.
EOS Price Analysis
In the last week, we saw a sharp decline in bitcoin, ripple, EOS, litecoin, binance coin and other cryptocurrencies against the US Dollar. However, BNB and EOS price recently found a strong buying interest and started a solid uptrend.
The chart above indicates that EOS price traded as low as $3.13 and later rallied above the $3.20 and $3.40 resistance levels. The recent upward move was strong as there was a close above the $3.50 resistance and the 100 simple moving average (4-hours).
During the rise, there was a break above a major bearish trend line with resistance at $3.40 on the 4-hours chart. The pair gained pace above the $3.50 resistance and traded towards the $3.80 level.
A high was formed at $3.81 and later the price corrected lower. It declined below the 23.6% Fib retracement level of the recent wave from the $3.13 low to $3.81 high.
However, the decline was contained by the $3.55 and $3.50 support levels. Besides, there is a strong support formed near the $3.45 level and the 50% Fib retracement level of the recent wave from the $3.13 low to $3.81 high.
Therefore, EOS clearly remains supported on dips near the $3.50 level. If buyers remain in action, the price could rally further above the $3.80 swing high. The next targets for buyers could $4.00 or even $4.20. There could be a test of $4.50 level if bitcoin, Ethereum, ripple, and other cryptocurrencies continue to grind higher.
The market data is provided by TradingView.
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