EOS price is signaling a positive move above $5.50 zone against the US Dollar, similar to bitcoin. The price could accelerate higher if it clears $6.00 and $6.10.
EOS Price Analysis
After a steady decline, EOS price found support near the $4.45 zone against the US Dollar. The bears made two attempts to clear the $4.45 zone, but they failed.
A swing low was formed near $4.465 before the price started a decent increase. The price broke the $4.80 and $5.00 resistance levels. There was also a break above a key bearish trend line with resistance near $5.80 on the 4-hours chart of the EOS/USD pair.
The pair is currently trading well above the $5.50 zone and the 55 simple moving average (4-hours). It is also trading above the 50% Fib retracement level of the recent decline from the $6.815 swing high to $4.465 low.
An immediate resistance is near the $6.00 and $6.10 levels. The 76.4% Fib retracement level of the recent decline from the $6.815 swing high to $4.465 low is also near the $6.25 level to act as a hurdle. A clear break above the $6.00 and $6.10 levels could set the pace for a strong increase.
The next major resistance is near the $6.80 level. A successful close above the $6.80 level could lead the price towards the $8.00 and $8.20 levels. Conversely, the price could correct lower from $6.00. An initial support is near the $5.60 level. Any more losses could lead the price towards the $5.00 support zone.
Looking at the chart, EOS price is clearly trading nicely above $5.50 and the 55 simple moving average (4-hours). Overall, the price could start a strong increase if there is a clear break above the $6.00 and $6.10 resistance levels.
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 above the 50 level.
Major Support Levels – $5.50 and $5.00.
Major Resistance Levels – $6.10 and $6.50.
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