EOSUSD Commences A Bullish Trend Towards $3.8 Level

EOSUSD Commences A Bullish Trend Towards $3.8 Level

Price Analysis – February 04

A further increase in the bulls’ momentum may break up the resistance level of $3.3, then, the price may test the $3.8 and $4.5 levels. In case the bulls are unable to break up the resistance level of $3.3, the price may face the support levels of $2.9, $2.7, and $2.4 as the target.

Key Levels:

Resistance levels: $3.3, $3.8, $4.5
Support levels: $2.9, $2.7, $2.4

EOS/USD Long-term Trend: Bullish

EOSUSD is bullish in the long-term outlook. The crypto played out the way it was predicted last week. The bulls maintain their momentum to break up the resistance level of $2.7. The bullish momentum equally extends to $2.9 and broke up the level; the coin is increasing towards the resistance level of $4.5 at the moment.

EOSUSD Daily chart, February 04

The 9 periods EMA has crossed the 21 periods EMA upside and the price has penetrated the two EMAs upside trading above the two. A further increase in the bulls’ momentum may break up the resistance level of $3.3, then, the price may test the $3.8 and $4.5 levels. In case the bulls are unable to break up the resistance level of $3.3, the price may face the support levels of $2.9, $2.7, and $2.4 as the target. The bullish trend may continue as the relative strength index period 14 is bending up at 60 levels which indicates a buy signal.

EOS/USD Price Medium-term Trend: Bullish

EOSUSD is bullish on the 4 – hour chart. The coin obeyed the command of the double bottom chart pattern formed on the 4-hour chart last week. The chart pattern is a bullish sign; the price increases and breaks up the resistance level of $2.9 and moved up towards the $3.3 price level.

EOSUSD 4-hour chart, February 04

The price is trading above the 9 periods EMA and the 21 periods EMA. The relative strength index is bending up at 60 levels to indicate a buy signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.