EOS Price Analysis: Key Hurdle Forms Near $5
EOS price is showing positive signs above $4.40 against the US Dollar, similar to bitcoin. The price could rise further if it manages to clear the $4.80 resistance.
EOS Price Analysis
This past week, EOS price started a steady increase above the $4.20 resistance zone against the US Dollar. The price formed a base above $4.00 and it was able to settle above the 55 simple moving average (4-hours).
There was a break above the $4.50 and $4.80 resistance levels. However, the price failed to settle above the $5.00 level. As a result, there was a fresh decline below the $4.80 support. There was also a break below a major bullish trend line with support near $4.75 on the 4-hours chart of the EOS/USD pair.
The pair traded below the 23.6% Fib retracement level of the recent increase from the $3.63 swing low to $5.06 high. The price is now trading below $4.80 and the 55 simple moving average (4-hours).
It tested the 50% Fib retracement level of the recent increase from the $3.63 swing low to $5.06 high. The price is now rising and it is trading near the $4.65 zone. The first key resistance is near the $4.80 level and the 55 SMA. A close above the $4.80 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 $5.50 level. On the downside, the first major support is near the $4.35 level. The main support is now forming near the $4.20 zone. If there is a downside break below the $4.20 support, there could be a move towards the $3.65 support.
Looking at the chart, EOS price is now trading below $4.80 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it manages to clear the $4.80 and $5.00 resistance levels.
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $4.50 and $4.35.
Major Resistance Levels – $4.65 and $5.00.
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