Fresh higher high required: EOS price analysis
EOS price analysis indicates that the cryptocurrency is trading at a critical juncture. Watch out for confirmation of the next major move once the $2.30 to $3.10 price range is broken.
EOS could be getting ready for a major directional move this week, as the popular cryptocurrency edges closer to long-term trendline resistance.
EOS technical analysis shows that the cryptocurrency could stage a major technical breakout if bulls move price above the $2.80 resistance level.
EOS/USD medium-term price trend
EOS is starting to look increasingly interesting over the medium-term, as price edges closer towards major trendline resistance on the higher time frames.
EOS price analysis shows that a breakout from a symmetrical triangle pattern on the weekly time frame could cause the cryptocurrency to surge towards the $4.20 level.
A major trendline resistance breakout from a massive triangle pattern will take place if bulls overcome the $2.80 level.
With this in mind, breakouts from long-term triangle patterns often signal major trend shifts.
The cryptocurrency also needs to move above the $3.10 level to turn technically bullish, and overcome its trend defining 200-day moving average.
EOS/USD short-term price trend
EOS/USD price analysis shows that the cryptocurrency only has a bullish short-term bias while the price trades above the $2.66 level.
The lower time frames currently show that a large head and shoulders pattern has been developing over recent weeks.
Looking at the four-hour time frame, the pattern is valid while price trades below the $3.10 resistance level.
According to the size of the pattern, a bearish breakout below the neckline of the mentioned pattern, around the $2.30 level, may cause a downside breakout towards $1.50 level.
If the pattern is invalidated, with price moving above the $3.10 level, then the EOS/USD pair could soar towards the $3.90 level.
EOS/USD technical summary
EOS/USD technical analysis shows that price is approaching the top of a long-term triangle pattern. The EOS/USD pair could surge if the $3.10 level is broken.