- EOS price started a decent increase above the $4.65 zone against the US Dollar.
- The price is now trading above $4.75 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $4.50 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could accelerate higher if it clears the $4.90 and $5.00 resistance levels.
EOS price is showing positive signs above $4.50 against the US Dollar, similar to bitcoin. The price could rise further if it manages to clear the $5.00 resistance.
EOS Price Analysis
This week, EOS price started a steady increase above the $4.35 resistance zone against the US Dollar. The price formed a base above $4.40 and it was able to settle above the 55 simple moving average (4-hours).
There was a break above the $4.50 and $4.65 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $4.50 on the 4-hours chart of the EOS/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $5.068 swing high to $4.220 low.
The price is now trading below $4.75 and the 55 simple moving average (4-hours). It tested the 76.4% Fib retracement level of the downward move from the $5.068 swing high to $4.220 low.
An immediate resistance is near the $4.88 level. The first key resistance is near the $4.90 level. A close above the $4.90 level could open the doors for a steady increase. In the stated case, the price could rise towards the $5.05 level. The next key resistance is near the $5.35 level.
On the downside, the first major support is near the $4.75 level. The main support is now forming near the $4.60 zone and the 55 SMA. If there is a downside break below the $4.60 support, there could be a move towards the $4.20 support.
EOS Price
Looking at the chart, EOS price is now trading above $4.80 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher if it clears the $4.90 and $5.00 resistance levels.
Technical indicators
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 – $4.75 and $4.60.
Major Resistance Levels – $4.90 and $5.00.
Source: livebitcoinnews.com
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