EOS Price Analysis: Bulls Aim Higher Above $4.5
EOS price is showing positive signs above $4.00 against the US Dollar, similar to bitcoin. The price must clear $4.25 for more gains.
EOS Price Analysis
This week, EOS price saw a decent increase above the $3.80 resistance zone against the US Dollar. The price broke the $4.00 resistance level and the 55 simple moving average (4-hours) to move into a positive zone.
The price even spiked above the $4.20 level, but there was no upside continuation. A high is formed near $4.25 before there was a downside correction. The price traded as low as $3.867 before it started a fresh increase.
There was a break above the $4.00 resistance zone. EOS climbed above the 50% Fib retracement level of the recent decline from the $4.24 high to $3.86 low. It is now facing resistance near the $4.15 and $4.20 levels.
The 76.4% Fib retracement level of the recent decline from the $4.24 high to $3.86 low is also near the $4.15 level. The price might start a steady increase above the $4.15 resistance level. The next key resistance is near the $4.25 level, above which the price might rise towards the $4.50 level.
On the downside, the $4.00 level is a decent support. There is also a key bullish trend line forming with support near $4.00 on the 4-hours chart of the EOS/USD pair.
If there is a downside break below $4.00, the price could accelerate lower. The next major support is near the $3.80 level. Any more losses might lead the price towards the $3.50 level in the near term.
Looking at the chart, EOS price is now trading above $4.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it breaks the $4.25 and $4.30 resistance levels in the near term.
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 to the 50 level.
Major Support Levels – $4.00 and $3.80.
Major Resistance Levels – $4.15 and $4.25.
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