EOS Price Analysis: EOS Breaks Above $3.00, Creating Fresh Highs for 2019 — Can the Bullish Momentum Continue Towards $3.50?

  • Support for EOS moving forward: $2.99, $2.87, $2.56, $2.35, $2.15, $2.02, $1.90.
  • Resistance for EOS moving forward: $3.09, $3.17, $3.34, $3.70, $3.92, $4.00.

EOS Price Analysis

EOS has witnessed a price surge over the past 24 hours of trading as the cryptocurrency breaks above the $3.00 handle and creates a fresh high for 2019. EOS is now trading at a price of $3.04, at the time of writing, after undergoing a significant price hike totaling 27% over the previous 7 trading days.

EOS is now ranked in 4th position as it currently holds a $2.70 billion market cap value. However, the coin still has more room to recover after suffering a 34% price fall over the past 90 trading days.

EOS/USD Price

Taking a look at the EOS/USD daily chart above, we can see that since our last analysis the market had held the support at the short-term .5 Fibonacci Retracement level (drawn in green) priced at $2.35.

A couple of days later, on February 8, 2019, the market surge started. Price action was at a low of $2.35 and rose to a high above $2.80. The surge continued over the next few days as price action approached resistance at the medium-term 1.272 Fibonacci Extension level (drawn in turquoise) priced at $2.87.

After a brief stall at this aforementioned resistance, price action continued to power through higher as it reached more resistance at the medium-term 1.414 Fibonacci Extension level (drawn in turquoise) priced at $2.99.

We can now see that in today’s trading session, the market has climbed above the resistance at $2.99 to where it is currently trading around the $3.04 handle.

Trend: Bullish

The break above the $2.56 has pushed this market into a strong bullish trend. For this market to be considered bearish, we would need to see price action drop back below the $2.35 handle to create a lower low.

Where is the Market Likely to Head Towards Next?

If the bullish surge continues higher, we can expect immediate resistance above to be located at the short-term 1.272 Fibonacci Extension level (drawn in blue) priced at $3.09.

This is closely followed by higher resistance at the medium-term 1.618 Fibonacci Extension level (drawn in turquoise) priced at $3.17. This area of resistance is bolstered further by a bearish .382 Fibonacci Retracement level (drawn in red) priced at $3.19, which adds to the expected resistance in this area.

If the bulls cause EOS/USD to climb higher, we can then expect more resistance above at the short-term 1.618 Fibonacci Extension level (drawn in blue) priced at $3.34.

Further higher resistance above the $3.50 handle can be found at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $3.68. There is then more resistance at another medium-term 1.414 Fibonacci Extension level (drawn in orange) priced at $3.92.

What if the Bears Regain Control?

Alternatively, if the sellers regroup and begin to bring EOS/USD back lower, we can expect support at the previous medium-term 1.414 and 1.272 Fibonacci Extension levels (drawn in turquoise), priced at $2.99 and $2.87 respectively.

Support below these levels can be located at the short-term .382 and .5 Fibonacci Retracement levels (drawn in green) priced at $2.54 and $2.35, respectively. This is then followed by more support at the downside 1.272 Fibonacci Extension level (drawn in lilac) priced at $2.24.

EOS/BTC Price

We can see that price action had held at support at the short-term .382 Fibonacci Retracement level (drawn in green) priced at 63,323 SATS during January 2019.

The market then started to surge in February 2019 as price action broke above the bearish .618 and .786 Fibonacci Retracement levels (drawn in red) priced at 73,111 SATS and 80,047 SATS, respectively.

The market has now recently reached resistance at a medium-term 1.272 Fibonacci Extension level (drawn in purple) priced at 82,691 SATS.

Trend: Bullish

The trend in EOS/BTC is also undoubtedly bullish at this moment in time with the break above 73,111 SATS confirming this. For this market to be considered bearish, price action would need to break below the 63,323 SATS handle.

Where is the Market Likely to Head Towards Next?

If the bullish pressure causes EOS/BTC to climb above the current resistance at the medium-term 1.272 Fibonacci Extension level (drawn in purple) priced at 82,691 SATS, we can expect immediate higher resistance at the bearish .886 Fibonacci Retracement level (drawn in red) priced at 84,175 SATS.

If the buyers continue to climb even higher, there is higher resistance located at the medium-term 1.414 and 1.618 Fibonacci Extension levels (drawn in purple) priced at 86,652 SATS and 92,344 SATS, respectively.

What if the Bears Step Back into the Market?

If the sellers attempt to push price action lower, we can expect immediate support towards the downside at the bearish .786 Fibonacci Retracement level (drawn in red) priced at 80,047 SATS.

Further support below the 80,000 SATS handle can then be located at the bearish .618 and .5 Fibonacci Retracement levels (drawn in red) priced at 73,111 and 68,239 SATS, respectively.

Conclusion

The recent price explosion within the EOS market has shifted the sentiment for the coin into a bullish one. If EOS can continue to climb against BTC and break above the current resistance at 82,691 SATS, we can expect price action for EOS/USD to continue to create fresh highs for 2019.

Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over 6 years of technical trading experience. As an Economics graduate he has taken a keen interest on the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favourite football team and keep up-to-date with the latest fights within the UFC.

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  • Woof -- it only hit 3.00 on Bitfinex and it's at 2.88 atm, so this shit is kind of premature. See you in a few hours.

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