EOS has surged upward as bulls broke the downtrend line. The breakout is insufficient as buyers fail to break the $2.80 resistance.
The market retraced to $2.70 support and it is resuming upward move to retest the $2.80 resistance. A Fibonacci tool is used to determine the extent of the uptrend. A correction candle is testing the 0.236 retracement level.
This indicates that EOS will rise and reach a high of 4.236 Fibonacci extension level. This indicates that EOS will rise first to the high of 1.272 extension, then pull through to the high of level 4.236 extension level. From the price action, if the bulls break the $2.80 resistance, the market will rise to level 1.272 Fibonacci extension or $3.30 high. Subsequently, the market will rise to 4.236 Fibonacci extension level or $5.80 high.
Presently, the market is approaching the overbought region. EOS is above 79% range of the daily stochastic. This indicates that the crypto is in a bullish momentum. Buyers have successfully broken the downtrend line, indicating a further upward movement. The price is above the EMAs indicates an upward movement of the coin.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
EOS has resumed an uptrend but is presently facing resistance at the $2.80 resistance level. The crypto will resume uptrend as soon as it breaks above the current resistance. However, if the bulls fail to break the resistance, the market will retrace to $2.70 low and resume the uptrend.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.