The Cryptocurrency EOS has been showing strong support near the $1.00 psychological level, hinting toward a resurrection of the bull trend. A favorable price development may take the cryptocurrency price near the $2.00 round number.
EOS Support Level
Given the current technical picture, EOS' price is showing growing signs that the cryptocurrency may establish a base from which we can potentially rally toward the next big target, $2.00.
The lack of follow-through below the $1.00 level shows that the bulls are defending this level.
EOS' price only marginally dipped below $1.00 on October 13, but all daily closes were above the round number; hence a bounce from the current level is possible.
RSI Oscillator
The Relative Strength Index (RSI) broke above the 50 midpoint for the first time since mid-July.
The last time EOS' RSI broke above the 50 midpoint, the cryptocurrency rallied over 83%. If EOS can replicate the same rally, it will put the price just shy below $2.00.
Looking forward: To the upside, we only have two major resistance levels at around the $1.40 level and $2.00 level.
A daily break and close above $1.40 can open up the door for a notable upswing toward $2.00.
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