EOS Captures Attention with a Remarkable Price Rally!

This past weekend, EOS [EOS] put on quite a show, surging by an impressive 13.68%, jumping from $0.619 to $0.704. The cryptocurrency has broken free from its recent bearish trend, smashing through the critical resistance level of $0.641.

Are EOS Bulls Strong Enough to Hold Support?

As of now, the bulls are fiercely defending the $0.64 level as their support base. Early indicators suggest that they’ve managed to hold this crucial threshold, positioning themselves for further upward movement.

Market Sentiment: Cautious but Hopeful

Despite a prevailing sentiment of fear in the market, Bitcoin’s (BTC) performance is set to play a pivotal role in determining the future of EOS. If BTC maintains its momentum, EOS may find itself inching closer to new heights.

Technical Analysis Points to Bullish Potential!

The technical landscape looks promising. The bullish shift on the daily chart—which happened at the tail end of March—has established a higher high at $0.884 and a higher low at $0.588. With the On-Balance Volume (OBV) trending upwards and the Relative Strength Index (RSI) hovering above the neutral 50, the signs for EOS remain decidedly bullish.

What’s Next? Eyes on $0.72!

The 4-hour chart echoes this optimism; it has established a bullish structure following Saturday’s rally that pushed past the minor high of $0.6645. Notably, Fibonacci retracement levels also indicate that the $0.614 mark was successfully tested before this rally, further confirming bullish signals.

Key Resistance Levels Ahead

While the $0.71 threshold has proven to be a strong point for bulls, traders should keep a watchful eye on the $0.72 and $0.80 zones highlighted on the 1-month liquidation heatmap. These levels could serve as crucial magnets for price action in the near future.

Final Thoughts: Potential Gains Await!

Considering the robust bullish structure observed on the 4-hour chart, a rally to $0.72 seems very much on the horizon. Should Bitcoin continue its upward trajectory, EOS could rally even further, potentially reaching the $0.8 resistance level within the week!