EOS Price: Showing Positive Signs While Bitcoin & Ethereum Extending Losses

EOS price found support near the $3.950 level and recently climbed higher. Conversely, there were mostly bearish moves in bitcoin, Ethereum, BCH and ripple in the past few sessions.

• EOS price remained well bid near the $3.950 and $4.000 support levels.
• The price is now attempting an upside break above a contracting triangle with resistance near $4.300 on the 2-hours chart.
• The price is likely to accelerate higher if it breaks the $4.300 and $4.480 resistance levels.

Read: How to Invest in Bitcoin

EOS Price Analysis and Prediction

In the past few sessions, there was a downside extension in bitcoin, Ethereum, ripple and BCH against the US Dollar. However, EOS price remained well supported near the $3.950 and $4.000 levels, and recently climbed more than 4%.

Click to Enlarge Chart

Looking at the 2-hours chart of EOS/USD, the pair traded as low as $3.936 and recently started an upward move. It broke the $4.000 resistance level and the 25 simple moving average (2-hours).

The price even traded above the 50% Fib retracement level of the last drop from the $4.477 high to $3.936 low. However, the price is now struggling to clear the $4.280 and $4.300 resistance levels.

Moreover, EOS price is now attempting an upside break above a contracting triangle with resistance near $4.300 on the same chart. The 61.8% Fib retracement level of the last drop from the $4.477 high to $3.936 low is also near the $4.300 level.

If there is an upside break above the $4.300 resistance, the price could test the last swing high near $4.480. Any further upsides might start a solid upward move towards the $5.000 and $5.200 resistance levels in the near term.

An intermediate resistance could be near the $4.600 level plus the 1.236 Fib extension level of the last drop from the $4.477 high to $3.936 low.

On the other hand, if EOS price fails to surpass the $4.300 and $4.480 resistance levels, there could be a fresh decrease below $4.100. The main support is near the $3.900 level, below which the price could accelerate towards $3.600 or $3.500.

The market data is provided by TradingView, Bitfinex.

   

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