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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?

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.

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.

Summary

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

Description

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.

Author

Lujan Odera

Publisher Name

CoinGape

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