EOS (EOS) Prepares to Test Critical $3.00 Resistance (Again)

via QuoteInspector.com

EOS¬†(EOS), the fourth-largest cryptocurrency with a $2.5 billion market cap, surged nearly 25% last week as the crypto market rallied on the back of Litecoin’s (LTC) unexpected breakout.

The rally ended Wednesday when EOS failed to break through the pivotal $3.00 resistance level that has rejected the altcoin several times this winter.

Fast-forward several days and EOS is now trading for $2.79 after rallying back from a low of $2.72 earlier this week. A look at the price action over the past week shows a notable trend of higher lows, suggesting the coin is gearing up for another test of the $3 level.

If the price is able to get over this hurdle, there’s little in way of technical resistance before the $5 range — an upside of 79% from the current price. However, if the price fails to break through resistance, then investors should expect¬†a pull-back, with the current trend line and the $2.36-2.39 range as the support levels.

From a development perspective, Block.one recently reported that more than 260 projects are now building on its network.

“To date,¬†EOSIO is the most used blockchain software in the world. All the applications that are being built on it offer services with real-world utility,” said EOS in the blog post.

Premium: TRON (TRX) and EOS (EOS) Currently Dominate Blockchain Gaming

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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