EOS price rallied significantly and broke the $7.250 and $8.000 resistance levels. EOS is placed in a strong uptrend, and ETH, XRP and BTC are currently consolidating recent gains.
Key Talking Points
EOS price surged higher above $7.500 and gained more than 15% (Data feed of Kraken) against the US Dollar.
There was a break above a bullish breakout pattern with resistance near $6.400 on the 4-hours chart.
The price traded as high as $8.263 and it is currently consolidating gains.
EOS Price Analysis
In the past two sessions, there were solid gains in EOS and other cryptocurrencies (bitcoin, Ethereum and litecoin) against the US Dollar. EOS price formed a support base near the $5.770 level and recently surged above the $6.000, $6.500, $7.000 and $7.250 resistance levels.
EOS Price Analysis Chart
The chart above indicates that EOS price started a strong rise from the $5.772 swing low. It settled above the $6.500 pivot level and the 100 simple moving average (4-hours).
The bulls gained control, resulting in a sharp rally above $7.000. Moreover, there was a break above a bullish breakout pattern with resistance near $6.400 on the same chart. The price even spiked above the $8.000 barrier and traded to a new weekly high at $8.263.
At the moment, the price is correcting lower towards the $7.800 support or the 23.6% Fib retracement level of the recent rally from the $6.248 low to $8.263 high.
On the downside, there is a strong support forming near the $7.500 level. If there is a break below $7.500, the price might test the $7.250 support. The 50% Fib retracement level of the recent rally from the $6.248 low to $8.263 high is also near the $7.250 level.
On the upside, an initial resistance is near the $8.150-8.200 area. A clear break above the $8.200 barrier is likely to open the doors for more upsides in the near term.
Overall, EOS is gaining bullish momentum and it could accelerate above the $8.000 and $8.200 levels. Conversely, if there is a downside correction, the bulls might protect $7.500 or $7.250.