EOS Price Analysis: EOS/USD looks to target 2.50
- EOS trades over 13% higher as crypto sentiment improves on Thursday.
- There is massive amounts of buying volume at 1.50 and now the price could target 2.50.
EOS/USD daily chart
Within the last month the price of EOS has fallen from a high of 5.50 to a low of 1.43. Since hitting that low the price has bounced back to 2.30 on Thursday. There was a massive amount of volume at those lows. This could suggest there is lots of buying volume at lower levels and the bulls may be in control now. The psychological 2.00 level has also been retaken and if the price pulls back then the level could act as a support zone.
Looking closer at the chart, the price bounced off the red support trendline and has now pushed above the top of the internal trendline. The resistance levels to watch out for are 2.50 and 3.33, there is also another psychological zone in the way (3.00). In terms of Fibonacci levels the 50% line also comes in at 3.50 and if the buying volume keeps up then there could be a test of that too.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
