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$4 expected upside target: EOS price analysis

By Nathan Batchelor

12:29, 31 July 2020

EOS price analysis

EOS has staged a much-needed range breakout, following months of depressed trading action below the $3 resistance level.

EOS technical analysis shows that the cryptocurrency could rally towards the $4 level while the price trades above the $3.10 level.

EOS/USD medium-term price trend

EOS has started to turn bullish across multiple time frames, as many of the leading altcoins start to race higher alongside Bitcoin. 

EOS price analysis shows that the cryptocurrency is technically bullish while the price trades above the $2.90 level.

EOS/USD price analysis

The EOS/USD pair is trading above its 50-day, 100-day and 200-day moving averages, which is increasingly upside pressure towards the cryptocurrency.

That daily time frame shows that if the cryptocurrency stabilises above the $3.10 level, then the next leg higher towards the $4 level should be expected.

According to technical analysis, the $3.30 level offers significant technical resistance. A move above this area should dramatically increase buying interest.

BTC/USD

76,528.00 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Oil - Crude

70.13 Price
-2.520% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0304%
Overnight fee time 22:00 (UTC)
Spread 0.030

XRP/USD

0.56 Price
-0.670% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

US100

21,082.10 Price
-0.240% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

Above the $4 level, the $4.50 and $5 levels offer solid resistance for the EOS/USD pair.

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EOS/USD short-term price trend

EOS/USD price analysis shows that the cryptocurrency has a short-term bullish pattern while the price trades above the $2.90 level.

The four-hour time frame shows that a bearish head-and-shoulders pattern has been invalidated, following the recent rally above the $2.90 level.

EOS/USD price analysis

According to the invalidation target of the bearish pattern, the EOS/USD pair should rally towards the $3.80 level over the short-term horizon.

Overall, now that the pattern is invalidated, the EOS/USD pair looks set to soar towards the $3.80 resistance level.

EOS/USD technical summary

EOS/USD technical analysis shows that bulls need to hold the price above the $3.10 level to encourage technical buying towards the $4 resistance zone.

Markets in this article

EOS/USD
EOS / USD
0.4813 USD
-0.0022 -0.470%

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