EOS Price Analysis: Key Upside Break Could Trigger Move To $2
EOS price is rising above $1.55 against the US Dollar, similar to bitcoin. The price could resume its increase if it clears the $1.68 and $1.70 resistance levels.
EOS Price Analysis
This week, EOS price started a fresh increase from the $1.35 zone against the US Dollar. The price gained pace and was able to clear the $1.42 resistance zone.
The price broke the $1.50 resistance zone and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1.55 level. Besides, there was a break above a major bearish trend line with resistance near $1.55 on the 4-hours chart of the EOS/USD pair.
There was a clear move above the 50% Fib retracement level of the downward move from the $1.950 swing high to $1.340 low. However, the bears appeared near the $1.70 level.
They seem to be defending the 61.8% Fib retracement level of the downward move from the $1.950 swing high to $1.340 low. The price is now consolidating near the $1.65 level. On the upside, an immediate resistance is near the $1.68 level.
The first major resistance is near the $1.70 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.95 level. Any more gains might send the price towards the $2.00 level.
On the downside, an immediate support is near the $1.60. The next key support is near the $1.50. If there is a downside break below the $1.50 support, the price could revisit the $1.35 support.
Looking at the chart, EOS price is now trading above the $1.60 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $1.68 and $1.70 resistance levels.
4-hours MACD – The MACD for EOS/USD is gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $1.60 and $1.50.
Major Resistance Levels – $1.70 and $1.95.
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