EOS is one of the cryptocurrencies that did well last week. After a short bearish period, the altcoin was dragged along with the positive price movements of bitcoin (BTC) . EOS now appears to be on its way to the next important resistance.
According to CoinMarketCap, EOS is worth $ 7.17 at the time of writing after an increase of 1.38% in the last 24 hours. This year the altcoin was already able to increase in value by 175%, even after the price has fallen considerably.
For example, in early June EOS reached its annual high of $ 8.56. However, the course started from that point on a substantial dive. Eventually, support was found at around $ 6.30, from where the rate started to rise again.
During this rise it broke due to the important resistance at $ 6.50 and the 25 simple moving average (SMA) line on the 2-hour chart. In the end, EOS also broke $ 6.80 and $ 7.00.
The next major resistance is now around $ 7.20 with $ 7.50 above it. If these two price levels break through, EOS can move up to $ 8.00. However, EOS currently seems to encounter resistance around $ 7.20.
If the bulls fail to break through these resistances, the next support is around $ 7.00, where the 25-SMA is currently located. Below that is another support at $ 6.80.