EOS price is showing bullish signs above $2.80 against the US Dollar, similar to bitcoin. The price could recover further if there is a clear break above $3.00.
EOS Price Analysis
This past week, EOS price remained in a bearish zone below the $3.00 resistance zone against the US Dollar. The price traded below the $2.80 level and the 55 simple moving average (4-hours).
The price even spiked below the $2.70 level. A low is formed near $2.57 and the price is now correcting losses. There was a break above the 23.6% Fib retracement level of the downward move from the $3.28 swing high to $2.570 low.
Besides, there was a break above a key declining channel with resistance near $2.80 on the 4-hours chart of the EOS/USD pair. An initial resistance on the upside is near the $2.90 level. The price is now trading below $3.00 and the 55 simple moving average (4-hours).
It is near the 50% Fib retracement level of the downward move from the $3.28 swing high to $2.570 low. The next key resistance is near the $3.00 level.
A clear move above the $3.00 level is needed to gain bullish momentum in the near term. The next major resistance is near $3.30. On the downside, the first major support is near the $2.80 level. The main support is now forming near the $2.72 zone, below which there is a risk of a sharp move towards the $2.55 support. Any more losses might call for a move towards the $2.25 level in the near term.
Looking at the chart, EOS price is now trading below $3.00 and the 55 simple moving average (4-hours). Overall, the price could extend recovery if there is a clear move above the $3.00 resistance.
4-hours MACD – The MACD for EOS/USD is gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 30 level.
Major Support Levels – $2.80 and $2.55.
Major Resistance Levels – $3.00 and $3.10.
Source: Read Full Article