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.
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.
I believe once $BTC starts moving sideways, a lot of these majors such as $ADA, $EOS and $ETH have a pretty high chance of mooning.
I'm ready.
— Lenny (@TraderLenny) January 27, 2020
Bitcoin is currently trading at $8,926 USD, representing a slight 3% gain in the past 24 hours.
