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Bulls need to break $3.10 resistance area: EOS price analysis

By Nathan Batchelor

15:57, 11 June 2020

EOS price analysis

EOS looks set for a major directional move this month, as the cryptocurrency trades towards critical technical resistance.

EOS technical analysis shows that the cryptocurrency needs to move above the $3.10 level to encourage short and medium-term technical buying.

EOS/USD medium-term price trend

EOS appears increasingly bullish over the medium-term, after the cryptocurrency found strong dip-buying interest from the $2.30 level last month.

EOS price analysis shows that a breakout above the $3.00 resistance area could spark a rally towards the $4.00 area over the medium-term.

EOS price analysis

If bulls can anchor the price above the EOS/USD pair’s 200-day moving average, around the $3.00 level, then a rally towards the $4.00 level may take place this month (June 2020).

The daily time frame shows that the price is working within a large falling wedge pattern, between the $1.00 to $4.00 levels.

A breakout above the falling wedge pattern, the EOS/USD pair could rally towards the $7.00 area over the medium-term.

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ETH/USD

3,118.75 Price
+0.840% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Gold

2,415.65 Price
+1.590% 1D Chg, %
Long position overnight fee -0.0187%
Short position overnight fee 0.0105%
Overnight fee time 21:00 (UTC)
Spread 1.50

BTC/USD

67,101.15 Price
+0.180% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.53 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

EOS/USD short-term price trend

EOS/USD price analysis shows that the cryptocurrency only has a bullish short-term bias while the price trades above the $2.60 level.

EOS price analysis

The lower time frames currently show that a large inverted head and shoulders pattern will form if price reaches the $3.10 level.

According to the size of the potential bullish pattern then the EOS/USD pair could soar towards the $3.90 level.

Repeated failure to rally the price above the $3.00 level could see the EOS/USD pair falling back towards the $2.50 support area.

Key support below the $2.50 level is found at the $2.30 and $2.10 levels.

EOS/USD technical summary

EOS/USD technical analysis shows that bulls need to move the cryptocurrency past the $3.00 to $3.10 resistance level. The $4.00 level remains a possible upside target.

Markets in this article

EOS/USD
EOS / USD
0.8282 USD
-0.002 -0.240%

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