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Fresh higher high required: EOS price analysis

By Nathan Batchelor

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 price analysis

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.

EOS price analysisA 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.

EOS price analysisLooking 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.

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