EOS Price Analysis: Surging Towards $5.00, Bulls Gaining Control

• EOS price started a strong rise after it fell significantly towards $3.300 against the US Dollar.
• The price recovered above the $4.000 and $4.200 resistance levels to move back in a positive zone.
• There is a key ascending channel forming with support near $4.250 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• The pair remains supported on dips and it is likely to trade above the $4.700 and $4.800 resistances.

EOS price is gaining bullish momentum against the US Dollar and bitcoin. The price is placed in an uptrend and it is likely to test or even break the $5.000 resistance in the near term.

EOS Price Analysis

In the past few days, there were steady losses in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Recently, EOS price formed a decent support base above $3.600 and started an upside correction. There was a break above the $4.000 and $4.200 resistance levels. Moreover, the price surpassed the 23.6% Fib retracement level of the last major decline from the $6.075 high to $3.320 low.

The price also settled above $4.200 and the 55 simple moving average (4-hours). It opened the doors for more gains above the $4.400 resistance level. The price even spiked above $4.500, but it struggled to clear the $4.700 level. It seems like the 50% Fib retracement level of the last major decline from the $6.075 high to $3.320 low is acting as a strong resistance.

If there is an upside break above $4.700 and $4.800, the price could continue to rise. The next key resistance is near the $5.000 level. Moreover, the 61.8% Fib retracement level of the last major decline from the $6.075 high to $3.320 low is also near the $5.020 level. Above $5.000 and $5.020, the price could accelerate towards the $5.500 level.

On the downside, there is a strong support forming near $4.200. Additionally, there is a key ascending channel forming with support near $4.250 on the 4-hours chart of the EOS/USD pair. If the pair declines below the channel support and $4.200, it could move back in a bearish zone.

Looking at the chart, EOS price is clearly gaining bullish momentum above the $4.200 and $4.400 levels. However, a successful break above the $4.700 and $4.800 resistance levels is needed for more gains in the near term. The main hurdle for the bulls on the upside is near $5.000.

Technical indicators

Hourly MACD – The MACD for EOS/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently near the 60 level, with a flat structure.

Major Support Levels – $4.200 and $4.000.

Major Resistance Levels – $4.800 and $5.000.

Tags: EOS