We recently talked about an upcoming increase in the EOS price. After today’s +15% move, we have to ask ourselves where EOS might encounter resistance.
EOS Price Forecast – Bullish Breakout!
The price of EOS shot up over 15% today! And with it, EOS is approaching a golden crossover on the daily charts. The MACD lines are also crossing over in a bullish manner while the histogram is bullishly developing upwards. In addition to that, the trading volume is also going up in bullish fashion.
EOS managed a bullish breakout from its previous bearish pattern. It looks to be on its way towards the golden ratio.
EOS Price Forecast – Golden Ratio Resistance!
By breaking out, EOS managed to break through the 50-weeks-EMA resistance, which lays around the $3.17 mark. The MACD is also developing a bullish outlook in the weekly chart, while the RSI still has a lot of room up.
EOS will encounter its next significant resistance at the golden ratio around $3,85. If this resistance is broken, EOS could go all the way to $5.00!
EOS Price Forecast – The Next Fibonacci Resistances!
Past that level, we find significant Fibonacci resistance at the ±4.12$ and ±5.9$! Should the EOS price be rejected bearishly at the golden ratio, it could find support at the 0.382 Fib level at ±2.85$.
EOS Price Forecast – 0.382 Fib level was broken, is breaking the golden ratio up next?
In our last EOS forecast back in July we said:
A massive bullish divergence is forming against BTC both in the RSI and in the MACD’s histogram.As soon as EOS reaches the support zon between 0.0002076 and 0.0002431 BTC, which form the last support level for EOS, a strong upwards correction could follow.
EOS reached the 0.0002374 BTC level, which was followed by a 32% increase within just a few days! The EOS price was even able to break through the 0.382 Fib level at 0.0002970 and is currently moving towards the golden ratio around 0.000323 BTC. Should the price of EOS be able to break through the golden ratio, the 50-week-EMA could offer significant resistance at 0.0003764 BTC. Is this level broken as well, the current bear trend that EOS is in could be declared over.
In the weekly chart the EOS/BTC price still has ample space to move up. The RSI is in low regions while the MACD lines have now crossed in bullish manner.