EOS Price Analysis: Upside Break above $10 Seems Likely
EOS price is gaining pace above $7.50 zone against the US Dollar, similar to bitcoin. The price is likely to rally further it clears the $10 barrier in the near term.
EOS Price Analysis
After forming a base near $4.60, EOS price started a strong increase against the US Dollar. The bulls took control and pushed the price above the $5.50 and $6.00 resistance levels.
It opened the doors for a steady increase above the $7.00 barrier. The price even surged above the $8.50 resistance zone and extended its rally. A high is formed near $9.32 and the price is currently showing a lot of positive zone.
It is currently trading well above the $8.00 zone and the 55 simple moving average (4-hours). An initial support on the downside is near the $8.50 level. It is close to the 23.6% Fib retracement level of the recent rally from the $6.21 swing low to $9.32 high.
The next major support is near the $8.0 level. The 50% Fib retracement level of the recent rally from the $6.21 swing low to $9.32 high is also near the $7.67 level. Any more losses might call for a test of the $7.00 support zone.
Moreover, there is a major bullish trend line forming with support near $6.95 on the 4-hours chart of the EOS/USD pair. On the upside, an immediate resistance is near the $9.45 and $9.50 levels. The next major resistance is near the $10.00 level. A successful close above the $10.00 level could lead the price towards the $12.00 and $12.50 levels.
EOS Price
Looking at the chart, EOS price is clearly trading nicely above $7.50 and the 55 simple moving average (4-hours). Overall, the price is accelerating higher, and it could soon clear the $9.50 and $10 resistance levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well above the 65 level.
Major Support Levels – $8.50 and $8.00.
Major Resistance Levels – $9.50 and $10.00.
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