EOS continued its impressive runs yesterday as price rebounded above $3.40. Today, the coin is approaching the high of $4.0.
On August 1, buyers were repelled when attempts were made to push EOS above the $3.40 price level. The failure to break the recent high led the coin to drop suddenly to $2.60 low.
The market corrected upward above $3.0 as EOS resumed consolidation above it. Yesterday, buyers retested the $3.40 resistance and broke above it. Today, the upward move is likely to continue as the price retests the $4.0 high. On the upside, a break above $4.00 will push the altcoin out of the downtrend zone and reach the $5.50 high.
The recent rebound has made the coin to reach the resistance line of the ascending channel. A break above the resistance line and price closing above it will propel EOS to continue upward move. The market is in a strong bullish momentum as EOS is above 80% range of the daily stochastic.
Key Supply Zones: $5, $6, $7
Key Demand zones: $3, $2, $1
EOS is likely to continue the upward move. On August 1 uptrend; the retraced candle body tested the 0.618 or 61.8 % Fibonacci retracement level. This indicates that the price will rise and reach a high of 1.618 Fibonacci extension level. That is, EOS will reach a high of $4. EOS is already at that price level.
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.