EOS rate finds resistance on the way to $ 8.00

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.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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