EOS price analysis: major breakout underway
19:22, 19 August 2020
EOS has rallied to its highest trading level since March 2020 following a technical breakout above major trendline resistance.
EOS technical analysis shows that bulls may rally the cryptocurrency towards the $5.00 resistance level over the medium term.
EOS/USD medium-term price trend
EOS finally broke to the upside after weeks of depressed trading action around the $3.00 level.
EOS price analysis highlights that the cryptocurrency has a strong bullish bias while trading above the $3.50 level.
That daily time frame shows that the cryptocurrency recently broke above an important multi-year trend line, and quickly advanced towards the $4.00 level.
According to technical analysis the $5.00 level is likely to be the next major upside target for EOS/USD bulls.
Given the strength of the bullish trend in the cryptocurrency market, the EOS/USD pair could even challenge the current 2020 trading high, around the $5.40 area.
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EOS/USD short-term price trend
EOS/USD price analysis shows that the cryptocurrency only has a short-term bullish bias while the price trades above the $3.20 level.
The four-hour time frame shows that a bullish breakout from a triangle pattern has recently taken place.
According to the size of the triangle pattern, the EOS/USD pair could rally towards the $4.50 level over the short-term horizon.
Traders should note that bearish MACD divergence has formed during the latest rally and extends down towards the $3.40 area.
EOS/USD technical summary
EOS/USD technical analysis shows that the cryptocurrency recently staged a major upside breakout and could challenge towards the best levels of the year so far.