EOS price retested the .400 support area and it is currently correcting higher against the US Dollar.The price is currently trading near the .550 resistance and the 55 simple moving average (4-hours).There is a key contracting triangle forming with resistance near .650 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could start a strong increase if it clears the .650 resistance zone in the near term.EOS price is slowly recovering higher against the US Dollar, similar to bitcoin. However, the price must gain pace above the .650 barrier to continue higher in the near term.EOS Price AnalysisThis past week, EOS price failed to stay above the .650 level and declined below .550 against the US Dollar. The price broke the .500 support zone and tested the
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- EOS price retested the $2.400 support area and it is currently correcting higher against the US Dollar.
- The price is currently trading near the $2.550 resistance and the 55 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $2.650 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a strong increase if it clears the $2.650 resistance zone in the near term.
EOS price is slowly recovering higher against the US Dollar, similar to bitcoin. However, the price must gain pace above the $2.650 barrier to continue higher in the near term.
EOS Price Analysis
This past week, EOS price failed to stay above the $2.650 level and declined below $2.550 against the US Dollar. The price broke the $2.500 support zone and tested the $2.400 level.
A low is formed near $2.401 and the price recently started an upside correction. There was a break above the $2.500 resistance zone. The price climbed above the 50% Fib retracement level of the recent decline from the $2.746 high to $2.401 low.
At the moment, the price seems to be facing hurdles near the $2.550 level and the 55 simple moving average (4-hours). It seems like the 61.8% Fib retracement level of the recent decline from the $2.746 high to $2.401 low is facing hurdles.
There is also a key contracting triangle forming with resistance near $2.650 on the 4-hours chart of the EOS/USD pair. If there is an upside break above the $2.650 resistance, there are chances of more upsides in the near term.
The next major hurdle is near the $2.800 level, above which the price could rally towards the $3.000 level. Conversely, the price might fail to continue above the $2.650 resistance zone.
On the downside, the first major support is seen near the $2.500 level and the triangle lower trend line. If there is a bearish break below the triangle support, the price could revisit the $2.400 support zone. Any further losses may perhaps lead the price towards the $2.225 level.
EOS Price
Looking at the chart, EOS price is clearly preparing for the next major break and it might rally if it clears the $2.650 resistance. If not, there is a risk of a fresh decline towards the $2.400 and $2.225 levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is just above the 50 level.
Major Support Levels – $2.500 and $2.400.
Major Resistance Levels – $2.650 and $2.800.