EOS Price Sighting Upside Break: BTC, ETH, XRP Climbing Higher

Analysis eos Ethereum Coin Ethereum Mining Ethereum News Ethereum Wallet price

EOS price formed a decent
support base above $5.700 and $5.800. EOS seems to be eyeing a strong upward
move above $6.100, while bitcoin, ETH, XRP and litecoin are currently rising
steadily.

Key Talking Points

  • EOS price is showing a lot of positive signs above
    the $5.800 support area (Data feed of Kraken) against the US Dollar.
  • There is a major breakout pattern forming with
    resistance near $6.050 on the 4-hours chart.
  • The price is likely to break the $6.050 and
    $6.100 resistance levels to start an upward move.

EOS Price Analysis

After a sharp decline, EOS price found support near the $5.520 level. Recently, it started a steady rise above the $5.800 resistance. Besides, there were decent gains noted in bitcoin, EOS, Ethereum and litecoin against the US Dollar.

EOS Price Analysis Chart

The chart above indicates that EOS price formed a decent support base above $5.700 and $5.800, but it is still well below the 100 simple moving average (4-hours).

The price settled above the $5.800 level and the 50% Fib
retracement level of the last slide from the $6.383 high to $5.520 low. However,
the price is facing a strong resistance near the $6.050 and $6.080 levels.

Moreover, there is a major breakout pattern forming with
resistance near $6.050 on the 4-hours chart. The 61.8% Fib retracement level of
the last slide from the $6.383 high to $5.520 low is also acting as a
resistance.

If there is an upside break above the $6.050 and $6.080
resistance levels, the price could climb further higher. The next key
resistance is near the $6.250 level and the 100 simple moving average
(4-hours).

Above the 100 simple moving average (4-hours), the next major
resistance is near the $6.600 level and a connecting bearish trend line on the same
chart. On the downside, there are many supports forming near the $5.800 level,
below which the price could revisit $5.500.

Overall, EOS price seems to be preparing for the next key
break above the $6.050 and $6.080 resistance levels. If it fails to climb
higher, it could decline again towards $5.500.

The market data is provided by TradingView.

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