EOS started a decent recovery wave above the .450 and .500 resistance levels against the US Dollar.The price is trading nicely above .550 and the 55 simple moving average (4-hours).There was a break above a crucial bearish trend line with resistance near .575 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could accelerate higher if there is a clear break above the .650 resistance zone.EOS price is slowly moving in the positive zone above .550 against the US Dollar, similar to bitcoin. The price could continue to recover if it settles above .650.EOS Price AnalysisEOS price formed a strong support base above .400 and started a steady recovery against the US Dollar. There was a break above the .500 resistance zone to start the current upward
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- EOS started a decent recovery wave above the $2.450 and $2.500 resistance levels against the US Dollar.
- The price is trading nicely above $2.550 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $2.575 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could accelerate higher if there is a clear break above the $2.650 resistance zone.
EOS price is slowly moving in the positive zone above $2.550 against the US Dollar, similar to bitcoin. The price could continue to recover if it settles above $2.650.
EOS Price Analysis
EOS price formed a strong support base above $2.400 and started a steady recovery against the US Dollar. There was a break above the $2.500 resistance zone to start the current upward move.
There was also a break above a crucial bearish trend line with resistance near $2.575 on the 4-hours chart of the EOS/USD pair. The pair is now trading nicely above $2.550 and the 55 simple moving average (4-hours).
EOS spiked above the $2.600 level, but it failed to gain strength. A high is formed near $2.632 and the price is currently correcting lower. There was a break below the 23.6% Fib retracement level of the recent upward move from the $2.393 low to $2.632 high.
However, the price is holding the $2.550 support level and the 55 simple moving average (4-hours). It is also well above the 50% Fib retracement level of the recent upward move from the $2.393 low to $2.632 high.
On the upside, the price is facing a strong resistance near the $2.630 and $2.650 levels. A successful close above the $2.650 resistance could open the doors for a larger upward move in the coming sessions. The next major resistance is seen near the $2.800 level.
Conversely, the price could fail to clear the $2.650 resistance. An initial support on the downside is near the $2.550 level. The first key support is near the $2.500 level, below which the price may perhaps revisit the $2.400 support zone.
EOS Price
Looking at the chart, EOS price is clearly trading nicely above $2.550 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher if there is a clear break above the $2.650 resistance zone.
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 – $2.550 and $2.500.
Major Resistance Levels – $2.650 and $2.800.