EOS Price Analysis: Break Above $7.75 Holds The Key

EOS price is showing a few positive signs above $6.00 against the US Dollar, similar to bitcoin. The price must clear $7.75 to move into a positive zone.

EOS Price Analysis

After a major decline, EOS price found support near the $3.80 zone against the US Dollar. The price started a steady recovery wave above the $4.50 and $5.00 resistance levels.

The pair even spiked above $6.50 level and the 55 simple moving average (4-hours). There was also break above a major bearish trend line with resistance near $6.30 on the 4-hours chart of the EOS/USD pair. The pair is now trading just above $6.00 and the 55 simple moving average (4-hours).

The last swing high was formed near $7.72 before there was a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $3.70 low to $7.72 high.

The bulls are now protecting the $6.00 support. The price is also stable above the 50% Fib retracement level of the upward move from the $3.70 low to $7.72 high. If there is a fresh increase, the bulls need to gain strength above the $7.00 level.

The main hurdle is near the $7.75 level. If there is an upside break above the $7.75 zone, the price could start a fresh surge towards the $10.00 level.

On the downside, an initial support is near the $6.00 level. The next major support is near the $5.50 level. Any more losses might call for a test of the $5.00 support zone.

EOS Price

Looking at the chart, EOS price is currently trading just above $6.00 and the 55 simple moving average (4-hours). Overall, the price must break $7.00 and $7.75 to start a strong increase in the near term.

Technical indicators

4-hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now near the 50 level.

Major Support Levels – $6.00 and $5.00.

Major Resistance Levels – $7.00 and $7.75.

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