EOS price rallied above the $6.500 level before starting a downside correction. EOS is currently holding an important support and it could rally along with the ETH, XRP and BTC.
Key Talking Points
- EOS price tested the $5.700 support area and it is currently recovering (Data feed of Kraken) against the US Dollar.
- There is a major bullish trend line forming with support near $6.060 on the 4-hours chart.
- The price is likely to bounce back above the $6.400 and $6.500 resistance levels.
EOS Price Analysis
This past week, there was a strong rise in EOS and other cryptocurrencies (bitcoin, Ethereum and litecoin) against the US Dollar. EOS price rallied above the $6.200 and $6.500 resistance levels to trade to a new 2019 high.
The chart above indicates that EOS price formed a swing high near the $6.770 and later corrected lower sharply. There was a strong push below the $6.500 and $6.400 levels. There was even a push below the $6.000 level, but the price remained well above the 100 simple moving average (4-hours).
A swing low was formed near $5.723 and it recently moved above the $6.250 level. A swing high was formed at $6.610 and the price recently corrected lower.
It traded below the $6.200 support and the 50% Fib retracement level of the recent wave from the $5.723 low to $6.610 high. However, the price is now trading above the key supports near the $6.050 and $6.000 levels.
There is also a major bullish trend line forming with support near $6.060 on the same chart. The 61.8% Fib retracement level of the recent wave from the $5.723 low to $6.610 high is also holding losses.
The current price action is positive and it seems like the price is likely to climb above the $6.400 and $6.550 resistance levels. A clear break above the $6.550 level could open the doors for more gains in the near term.
Overall, EOS is holding important supports above the $6.000 level. As long as the price stays above $6.000, it is likely to climb higher in the near term.
The market data is provided by TradingView.
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