EOS price prediction 16 May 2019; riding the bulls eyeing $8

Formerly, the cost of EOS was stable beyond the resistance level lying at 5.250 dollars and started uniting the benefits. It transacted in a wide range and later ascended above 5.550 and 5.780 dollars resistance marks.

It allowed further benefits beyond six thousand dollars ($6000) resistance level and the cost will be well maintained above the 55 simple 4 hours moving average. The current inclination was solid above 6.205 and 6.550 dollars resistance marks.

The crypto market has experienced a bullish momentum for a few days. There have been heavy advances in Bitcoin, Ethereum, Ripple, Litecoin and EOS against the market standings of US Dollar.

The cost operated near the seven thousand dollars ($7.000) resistance level and a high swing was observed at 6.922 dollars.

Presently, the cost is amending lower below the 6.800 and 23.6% Fib retracement level of the past trend from 5.934 dollars lows to 6.922 dollars high level.

The cost has even verified 6.400 dollars support zone and the 50% Fib retracement level of the past tend from the 5.934 dollars low to 6.922 dollars high level.

Though, there are multiple support points on the hitch close to the 6.400 and 6.200 dollar marks.

EOS price prediction 16 May 2019; riding the bulls eyeing $8 2EOS price chart created with Trading View

A major bullish trend-line is also dominantly forming with the support close to 6.220 dollar mark on the 4-hour chart of the EOS/USD duo.

The trend-line support will probably provide a strong buy signal above 6.200 dollar mark. On the upside, a primary resistance is expected at 6.685 dollars; beyond this, the cost will re-test the 6.800 dollars mark.

The bulls are aiming for 7.00 dollars ($7), subsequently eight dollar ($8.000) mark.

Currently, the cost of EOS is experiencing a robust uptrend above the 6.400 and 6.200 dollars level. Once the price passes the 6.200 dollar support level, it might climb above the 6.800 and 7.000 dollar opposition levels.

Contrariwise, a break under 6.200 dollar support may initiate a drawn-out downside correction. Instant support lies at 6.150 dollars, beyond which the price may re-test the 5.780 dollar support.

The MACD and RSI indicators for EOS/USD also signify bullish trend whereas, the support zones and resistance levels lie at 6.400, 6.200 dollars and 6.800, 7.000 dollars respectively.