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.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram