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