EOS Spikes Over 10% Breaking A 4-Month Key Resistance Level, Is Altseason Here Yet?

Image: Cryptonomist

EOS Spikes Over 10% Breaking A 4-Month Key Resistance Level, Is Altseason Here Yet?

  •  Eos (EOS) grows over 11% in a day breaching the $4.000 USD mark.
  • The spike in EOS price sees analysts call for a possible altcoin bullish season in coming days.

Eos (EOS) breaks psychological resistance at $4.00 USD, as the USD pair experienced an 11% increase in the last 24 hours. The spike comes at a time most of the top altcoins in the crypto market are slowly establishing a lasting near term bullish momentum to pull bulls out of the consolidation area. Following the soar of a number of top altcoins since the turn of the decade, could EOS spark a possible altcoin run in the coming days?

EOS touches $4.00 USD breaking a four-month downtrend

A close above the $4.00 USD mark will definitely set the market ablaze with a possibility to hit $4.200 USD before London closing hours, a price that EOS has not tested since September last year. Since breaking the bearish wedge weekly resistance level at $2.50 USD in late December, EOS has grown over 60% in 2020 as bulls gain a hold of the market.

As at time of writing, EOS trades at 4.0240 USD, representing a sharp 11.04% in the past 24 hours. The crypto is placed seventh on the market cap log with a total of $3.8 billion USD, surpassing Litecoin (LTC) along the way.

Image: TradingView

A close above the psychological resistance level at $4.00 USD will be the first time the weekly candle has closed above the $4.00 USD mark since mid-September – a four month long wait.

The Elliot Wave Oscillator is forming solid green blocks on the weekly charts as the moving average divergence convergence (MACD) wideness after a golden cross formation in the first week of January 2020.

Are we in the early stages of an alt-season?

The spike in EOS price sees the crypto become the latest digital asset to boost in price as Bitcoin (BTC) lags in a tight support/resistance level at below $9,000 USD. The sideways trading on BTC and rocketing values of top altcoins such as Bitcoin Cash (BCH), XRP, Bitcoin SV (BSV) and Ethereum Classic (ETC) – and now EOS – over 2020 has seen some analysts come forward claiming the possibility of a start of a mega alt-season.

Bitcoin is currently trading at $8,926 USD, representing a slight 3% gain in the past 24 hours.

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EOS Spikes Over 10% Breaking A 4-Month Key Resistance Level, Is Altseason Here Yet?
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EOS Spikes Over 10% Breaking A 4-Month Key Resistance Level, Is Altseason Here Yet?
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• Eos (EOS) grows over 11% in a day breaching the $4.000 USD mark. • The spike in EOS price sees analysts call for a possible altcoin bullish season in coming days.
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Author: Lujan Odera

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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Lujan Odera 301 Articles

Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

Follow Lujan @