- EOS price sparked a move beyond $2.50 support
- The EOS/USD pair is trading above $2.60
- Bullish momentum could extend towards $3 in the short run
EOS price general overview
EOS price saw significant gains yesterday following the direction of the world’s top cryptocurrency, bitcoin. Currently, EOS is indicating positive signs above the $2.6 price level. As long as the digital asset is trading above the $2.55 support zone, it will continue gaining.
EOS/USD price daily recap
Currently, EOS price is $2.657, with a total trading volume of $2,407,619,321 over the last 24 hours. So far, the EOS/USD price action has ranged in between $2.609 — $2.684 after opening the day trading at $2.611. The previous day closed near $2.609.
EOS/USD pair 12-hour chart
On the EOS/USD pair 12-hour chart, the cryptocurrency is experiencing intense selling pressure near the $2.65 price level (100-SMA). Further on the upside, there is more selling pressure near $2.85 (200-SMA).
If the bulls fail in clearing the selling pressure at these two points, the EOS/USD pair may decline back to the starting point near $2.54 and possibly drop lower towards $2.43. Meanwhile, the MACD indicator slightly indicated bullish signals after the gains despite being bearish for some time. However, it can still go back to negative if the bears persist.
EOS price 4-hour chart
During the previous week, the EOS/USD pair formed a strong anchor point above the $2.5 and $2.53 price levels. After the bulls cleared past the $2.55 level, the EOS price sparked a fresh upside breakout.
In the EOS/USD pair 4-four chart, there was a breakout beyond a key bearish trendline with rejection near the $2.56 price level. The breakout paved the way for EOS price to extend above the $2.6 price level.
As a result of the EOS price spike, a breakout above the 50 percent Fib retracement levels of the drop from $2.72 swing highs to $2.49 swing lows. The EOS/USD pair is presently struggling to clear off the intense swelling pressure near $$2.65 price level.
EOS price prediction
If the bulls manage to clear above the selling pressure at $2.65, it could pave the way for more gains towards the $2.72 resistance zone. More increase would see the bulls test the resistance points near $2.80 and $2.85 sell-off points.
On the other hand, if the EOS price gets rejected at $2.65 and commences on a downside correction below the support at $2.60, the initial anchor level is at $2.58 price level. The initial primary support is near the bearish trendline near the $2.55 resistance zone. Further decline might send the EOS price towards the critical support zone at $2.50 in the short run.
The entire crypto assets market is displaying signs of bullishness, particularly after significant payments processor PayPal revealed their support for bitcoin, ethereum, litecoin and bitcoin cash. Paypal users can now use the cryptocurrencies mentioned above to purchase goods and services from over 25 million merchants across the globe. In the short term, a break above the $2.65 appears to drive the EOS price towards $3.0; however, a decline could extend towards $2.43.
