The 22nd-ranked crypto market holder is rising strongly. I am talking about the EOS cryptocurrency, capable of recently reaching a price of $ 13.23, which means a maximum of 3 years.
At the time of writing EOS is trading at $ 10.16, accumulating a 3.12% loss in the last 24 hours, but maintaining a 59% gain in the last 7 days.
It seems that the general enthusiasm in the Bitcoin alternative crypto space is the main factor behind the rise of EOS.
While Ethereum reached a new all-time high, other cryptos were following suit, such as Chainlink, Polkadot, Ethereum Classic or EOS.
An important positive sign for EOS in this new altcoin season is the breakout of a major downtrend of the EOS vs BTC pair.
The medium-term trend is turning upward, thanks to the continued breakdown of immediate resistance.
Now the long-term downtrend is being challenged. Even though we are seeing EOS in trouble breaking out of this direction against BTC, the odds are in favor of a transition. This could be the beginning of a great profit cycle.
A fundamental factor that is also sponsoring the rally of this cryptocurrency, is the recent proposal to increase the rewards of participation. This would mean the next big development for the network, after the PowerUp model that allows users to pay a one-time transaction fee for 24 hours.
EOS cryptocurrency price technical analysis against USD
The monthly chart of the price of EOS against the US dollar indicates that the long-term trend is being resumed with total success, with a momentum that has already been continuously rising for 5 months.
This momentum is clearly very widespread, so we may soon see some minor correction. However, this is not the time to go short. Should the price drop, it will be nothing more than a healthy profit-taking and demand-seeking from those who take advantage of discounted prices.
Right now the price of the EOS cryptocurrency does not have any obstacle that can stop it up to $ 18.67, a level of resistance left by the all-time high of 2018.
But when we consider that we are facing the resumption of the long-term trend, we know that it is most likely that even that resistance is not a very relevant obstacle for the bulls.
I am clearly doing an optimistic analysis, and that is that there is no reason right now to think about falls when we are in the bull run of the crypto market.
However, no cryptocurrency will climb to the moon without making corrections along the way, and the EOS price is no exception.
We are currently seeing fairly widespread medium-term trend momentum, which has already reached the -61.8% target thrown by the Fibonacci Retracement tool.
Now there is a good chance that the price will give way to a correction, probably towards $ 8.5 or so.
After that, the bulls, who are clearly the dominant force, will exert pressure to drive the price towards a minimum target of $ 15.5 (-27% Fibonacci).
Higher up the next target is $ 18.5 (-61.8%), which matches the resistance seen on the monthly chart.
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