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EOS price analysis: buyers need to break $3.50 resistance level

By Nathan Batchelor

17:17, 6 August 2020

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EOS price analysis

EOS has started to turn lower alongside the broader cryptocurrency market, following a heavy technical rejection from the $3.50 level.

EOS technical analysis shows that bulls need to clear the major trendline resistance on the daily time frame to encourage a rally towards the $4.50 level.

EOS/USD medium-term price trend

EOS is at risk of a protracted drop below the $3.00 level, as the cryptocurrency starts to lose upside momentum. 

EOS price analysis indicates that the cryptocurrency needs to break the $3.50 level to accelerate the ongoing bullish trend.

EOS price analysis

That daily time frame shows that the cryptocurrency is trapped within a large triangle pattern, between the $2.40 and $3.50 levels.

A strong rejection from trendline resistance, around the $3.50 level, has caused a strong pullback in the EOS/USD pair.

Bulls may look to enter back into the EOS long trade if the $2.50 support level holds on a pullback. The $2.30 and $2.00 levels offer strong medium-term support below the triangle pattern.

XRP/USD

0.39 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00384

US100

11,963.60 Price
-0.470% 1D Chg, %
Long position overnight fee -0.0166%
Short position overnight fee 0.0060%
Overnight fee time 22:00 (UTC)
Spread 3.3

Oil - Crude

80.34 Price
-1.310% 1D Chg, %
Long position overnight fee -0.0024%
Short position overnight fee -0.0116%
Overnight fee time 22:00 (UTC)
Spread 0.03

BTC/USD

17,128.00 Price
+1.100% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 66.00

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 $2.95 level.

The one-hour time frame shows that a bearish head-and-shoulders pattern has formed, following the recent rejection from the $3.50 level.

EOS price analysis

According to the size of the bearish pattern, the EOS/USD pair could fall towards the $2.50 level over the short-term horizon.

Watch out for more short-term weakness once the price moves under neckline support, around the $2.95 level.

EOS/USD technical summary

EOS/USD technical analysis shows that the cryptocurrency may be preparing to drop towards the $2.40 to $2.50 level.

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