EOS price is showing positive signs above $4.50 against the US Dollar, similar to bitcoin. The price eyes a key upside break above the $5.00 zone in the near term.
EOS Price Analysis
This week, EOS price started a fresh increase above the $4.20 level against the US Dollar. The price gained pace for a move above the $4.50 and $4.60 resistance levels.
There was also a close above the $4.50 support and the 55 simple moving average (4-hours). The price even spiked above $4.80 and a high was formed near $4.87. It is now consolidating gains above the $4.60 level. There was a minor decline below $4.70.
The price corrected below the 23.6% Fib retracement level of the upward move from the $3.86 swing low to $4.87 high. It is now holding gains above $4.60.
There is also a key bullish trend line forming with support near $4.60 on the 4-hours chart of the EOS/USD pair. The next major support is near the $4.40 level. It is near the 50% Fib retracement level of the upward move from the $3.86 swing low to $4.87 high.
If there is a downside break below the $4.40 support, there could be a move towards the $4.20 support. An immediate resistance is near the $4.80 level. The first key resistance is near the $4.85 level.
A close above the $4.85 level could open the doors for a steady increase. In the stated case, the price could rise towards the $5.00 level. The next key resistance is near the $5.25 level.
Looking at the chart, EOS price is now trading above $4.50 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher if there is a clear break above $4.90 and $5.00.
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $4.60 and $4.50.
Major Resistance Levels – $4.85 and $5.00.
Source: Read Full Article