While BTC and altcoins continue to gain a steady momentum, the EOS price finding a new ground above six thousand one hundred dollars ($6100). Currently, it rests on a base above five thousand eight hundred dollars ($5800).
After taking a steep plunge, EOS found its safe havens five thousand five hundred twenty dollars ($5520) mark. Following that, it has been on an upward trajectory by gaining a rise above five thousand eight hundred dollars ($5800) level resistance.
EOS price watch
The following chart depicts EOS’s price performance at levels above five thousand seven hundred dollars ($5700) to five thousand eight hundred dollars ($5800) mark. Although it is yet to close above the 100 Simple Moving Average resistance, the market remains optimistic about its subsequent support lines.
The current EOS price settled above the 50% Fibonacci Retracement level from six thousand three hundred eighty dollars ($6380) peak to five thousand five hundred twenty ($5520) trough. The price, however, faces strong resilience above six thousand dollars mark – $6050 and $6080, to be precise.
The 4-hours chart exhibits a breakout pattern at resistance level near six thousand fifty dollars ($6050). At the 61.8% Fib retracement, with six thousand three hundred eighty-three dollars ($6380) high and five thousand five hundred twenty ($5520) low, the degree of resistance is high.
A breakout to the upside six thousand dollars mark resistance levels could mean explosive price movements for the EOS, following which, its performance against the critical resistance level at the six thousand five hundred twenty dollars ($6520) mark and the 100 simple moving average (4-hours) will be studied.
Even though EOS observes underpinning prices at five thousand eight hundred dollars ($5800) and the already elapsed level of five thousand five hundred dollars ($5500), it will be interesting to know how well it will fare at the next significant bearish level at six thousand six hundred dollars ($6600) mark, above the 100 simple moving average (4-hours).
To sum up, EOS price is clearing the deck for facing its next breakout levels above six thousand dollars ($6000) mark, failing which, it could ease off at the five thousand five hundred dollars ($5500).