EOS/USD is ready for breakthrough

EOS has been on fire recently: the long-awaited mainnet launch was followed by accusations of high-degree centralization and blocking of several accounts in an attempt to stop coin thefts. However despite some fundamental problems, from the view of technical analysis the main Ethereum competitor is doing very well.

Although EOS is still moving in descending channel, its width doesn’t prevent traders to derive profits with acceptable level of risk. The price fluctuations have formed a triangle, which will be resolved tomorrow as latest. The upper boundary of the triangle is formed by powerful hidden mirror level (marked in orange), breaking through which will confirm bulls’ strength. In this case the nearest mid-term target lies at $12.5 directly on the intersection of the boundary of the descending channel and 0.618 Fibonacci retracement. We expect a rebound from this level and after some rest the bulls may try to achieve $14.5.

As for the negative scenario, for now $9.5 should act as a reliable support which should restrain bulls’ pressure.

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