The EOS price has dropped by a total of 7% over the past week after creating a fresh 2019 high at $4.53. However, the cryptocurrency has managed to surge by a total of 97% in February from low to high as the coin now trades at a price of $3.66, at the time of writing.

Where Is EOS ranked?

The cryptocurrency is currently ranked in 4th position as it holds a $3.23 billion market cap valuation.

EOS Price Analysis

EOS/USD

EOS/USD – MEDIUM TERM – DAILY CHART

EOS Price Analysis
https://www.tradingview.com/x/RUkikLxc/

What has happened since our last analysis?

Since our last EOS/USD analysis, EOS price action has continued to surge breaking above resistance at the $4.00 level. The market proceeded to climb further higher until meeting resistance at our highlighted $4.48 level.

Since reaching this level of resistance we can see that the market has rolled over and dropped into support at the short term .5 Fibonacci Retracement level (drawn in blue) priced at $3.35 where a small bounce has occurred.

What is the current short term trend?

The current trend of the market is presently neutral. If price action breaks above the resistance at $4.50 the market is bullish. If EOS/USD falls underneath $3.35, the market is bearish.

Where are we likely to from here?

If the buying pressure can continue to increase and bring EOS/USD above the resistance at the $3.70 level we can expect immediate higher resistance above to be located at the 1.414 Fibonacci Extension level (drawn in orange) priced at $3.92. More resistance above is at the $4.00 level.

Higher resistance above $4.00 lies at the bearish .618 Fibonacci Retracement level (drawn in red) at $4.20. Further resistance lies at $4.48 and $4.50.

IF EOS/USD penetrates above $4.50, further resistance lies at the bearish .786 Fibonacci Retracement level (drawn in red) at $4.93.

What if the bears regain control?

Alternatively, if the sellers regroup and begin to push price action lower, we can expect immediate support below at the short term .5 Fibonacci Retracement level (drawn in blue) priced at $3.35. More support then lies at the $3.20 and $3.00 levels.

If EOS/USD falls below the $3.00 handle, more support is located at the short term .786 and .886 Fibonacci Retracement levels (drawn in blue) at $2.69 and $2.45, respectively.

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