EOS price remained well bid
above the key $7.000 support area. EOS is likely to accelerate higher above
$7.600 in the near term similar to bitcoin, ETH, XRP and litecoin.

Key Talking Points

• EOS price started a minor downside correction after
  it traded as high as $7.598 (Data feed of Kraken) against the US Dollar.
• There is a crucial ascending channel forming
  with support near $7.080 on the 4-hours chart.
• The price is likely to remain in an uptrend and
  it could even surpass $7.400 and $7.600.

EOS Price Analysis

In the past couple of days, there were solid gains in bitcoin, EOS, Ethereum and litecoin against the US Dollar. EOS price traded above the $7.000 and $7.200 resistance levels to move into a positive zone.

The chart
above indicates that EOS price even broke the $7.4500 resistance level and 100
simple moving average (4-hours). It traded as high as $7.598 before starting a
downside correction.

It broke the $7.400 support and the 50% Fib retracement
level of the recent leg from the $6.634 low to $7.598 high. However, the $7.000
support area acted as a strong buy zone and prevented downsides.

Moreover, the 61.8% Fib retracement level of the recent leg
from the $6.634 low to $7.598 high acted as a support. At the outset, there is
a crucial ascending channel forming with support near $7.080 on the 4-hours
chart.

As long as the price is above the channel support and
$7.000, it remains in an uptrend. An immediate resistance is near the $7.400
level, above which there are chances of more gains above the $7.500 and $7.600
levels.

The next key resistances are $7.775 and $7.850. On the downside,
the main support for EOS is near the $7.000 level, below which the price might
trade back towards the $6.750 support.

Overall, EOS price is trading with a positive bias above the
$7.000 support. Therefore, there are high chances of it gaining momentum above
the $7.400 and $7.600 resistance levels in the near term.

The market data is provided by TradingView.

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