EOS price to rocket 20% as Bitcoin rally empowers altcoins across the board
- EOS price jumps higher on the back of the US opening bell.
- EOR sees bulls breaking out of the pennant formation with a 16% potential swing higher.
- If Bitcoin can push toward $30,000, EOS can hit $1.35 on the back of that tailwind.
EOS (EOS) price is swinging higher on the back of Bitcoin price on Thursday. After the ferocious price action from Ripple earlier, Bitcoin is now taking over the helm and is rallying toward $30,000. Meanwhile, it is erasing losses from 2022 all the way up to June of last year, and EOS may get fired up to do the same toward $1.35, the high of March of this year.
EOS price enjoys its ride-along with Bitcoin bulls
EOS price is a perfect example of how the spotlight can be on altcoins, while the bigger cryptocurrencies are advancing. With Ripple price and Bitcoin price storming higher, altcoins are tagging along for the ride. EOS though still has a long way to go, but at this pace that $1.35 could be the ultimate profit-taking level at the end of this week.
EOS has really nothing in its way as the first R1 resistance is near $1.30. That is just a sign below the $1.35 peak of March, which is on every bull’s radar. With price action clearly underpinned and a clean breakout trade, a near 20% gain is all but guaranteed if majors Bitcoin and Ripple can keep the momentum going.
EOS/USD 4H-chart
The threat of a mere implosion of the price action comes with the dependency of EOS price on Bitcoin and Ripple prices continuing to rally as the Relative Strength Index (RSI) is bound to tread into the overbought area. Should Bitcoin and Ripple halt their rally, the motivation for bulls to stay in EOS goes away, and the RSI is open for a sharp decline toward the oversold area. Just like that, EOS could flirt with $1.05 and a mere 15% loss.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
