EOS price move past $3.4, a bullish run may be on the horizon

EOS price analysis

The opening price of EOSUSD was $3.32, gaining over 2.4 percent since the markets opened, with the prices reaching highs of $3.41 within just a few hours after reopening.

EOS price analysis chart

EOS price move past $3.4, a bullish run may be on the horizon 1
Image source Trading View

The daily chart shows that the EOS price has been in an upward surge from August 13th to 16tth. From 17th August, the crypto had a pullback of over 14 percent reaching $3.14 before picking pace again and continuing with its bullish surge.

EOS price resistance at $3.89

Before the pullback, the prices tested a historically established resistance level for three consecutive days without succeeding in a breakout. Since March, the resistance level has been able to hold, and the prices are expected to retest the resistance once more before a breakout to the upside.

With the recent price surge in the last two days, after trading sideways since the 19th, this may be the beginning of a new bullish move that is expected to retest the resistance level and break out from the structure.

Lower Time Frame 1-hour chart Analysis

EOS price move past $3.4, a bullish run may be on the horizon 2
Image source Trading View

On the one hour chart, the EOSUSD has formed an ascending triangle chart pattern and it shows the price has also been on the rise for the past few days, trading within a rising trendline.

The ascending triangle chart pattern is a clear indication of a breakout from the channel to the upward. This will set up a bullish move that will be enough to break the $3.89 resistance. The chart pattern also shows that the crypto is continuing to set new higher highs, with every retracement it registers. This further indicates that the momentum to the upside is growing.

The 14 days RSI also shows that the prices have been trending on the upward and based on the indicators, the prices still have the momentum to continue with its current bullish run.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

Kelvin Maina

Kelvin Maina

Kelvin Maina is a computer science graduate who has a strong interest in cryptocurrency. He also enjoys reading fictional novels and swimming. He has over five years of experience in the software engineering industry and understands the current technology trends around the world.

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