EOS Price Analysis: Bulls Must Protect This Key Support
EOS price is struggling below $1.10 against the US Dollar, similar to bitcoin. The price must stay above the $0.975 support zone to start a fresh increase.
EOS Price Analysis
This past week, EOS price started a fresh increase from the $0.880 zone against the US Dollar. The price gained pace and was able to clear the $0.98 resistance zone.
The price even broke the $1.0 resistance zone and the 55 simple moving average (4-hours). It even spiked above the $1.08 level and traded as high as $1.110. Recently, there was a downside correction from the $1.110 high. The price traded below the $1.05 support zone.
It traded below the 23.6% Fib retracement level of the upward move from the $0.880 swing low to $1.110 high. Besides, there was a break below a key bullish trend line with support near $1.03 on the 4-hours chart of the EOS/USD pair.
However, the bulls are active near the $1.00 zone. On the downside, an immediate support is near the $0.995 level and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the upward move from the $0.880 swing low to $1.110 high.
The next key support is near the $0.975 level. If there is a downside break below the $0.975 support, the price could revisit the $0.88 support zone.
On the upside, an immediate resistance is near the $1.05 level. The first major resistance is near the $1.08 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.15 level.
Looking at the chart, EOS price is now trading above the $1.00 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $0.98 and $0.975 support levels.
4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $0.990 and $0.975.
Major Resistance Levels – $1.05 and $1.08.
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