EOS started a strong upward move from the .500 support level against the US Dollar.The price is currently trading above .600 and the 55 simple moving average (4-hours).There was a break above a major bearish trend line with resistance near .560 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could continue to rise towards the .720 and .800 resistance levels in the near term.EOS price is showing positive signs above the .600 level against the US Dollar, similar to bitcoin. The price could continue to rise as long as it is above .550.EOS Price AnalysisThis past week, EOS price formed a strong support base above the .500 and .520 levels against the US Dollar. The price started a fresh increase after surpassing the .550 resistance level.Moreover,
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- EOS started a strong upward move from the $2.500 support level against the US Dollar.
- The price is currently trading above $2.600 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $2.560 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to rise towards the $2.720 and $2.800 resistance levels in the near term.
EOS price is showing positive signs above the $2.600 level against the US Dollar, similar to bitcoin. The price could continue to rise as long as it is above $2.550.
EOS Price Analysis
This past week, EOS price formed a strong support base above the $2.500 and $2.520 levels against the US Dollar. The price started a fresh increase after surpassing the $2.550 resistance level.
Moreover, there was a break above a major bearish trend line with resistance near $2.560 on the 4-hours chart of the EOS/USD pair. It opened the doors for more gains above the $2.600 level and the 55 simple moving average (4-hours).
During the rise, there was a break above the 50% Fib retracement level of the key decline from the $2.721 high to $2.492 low. The price is now facing resistance near the $2.650 level.
It seems like the 76.4% Fib retracement level of the key decline from the $2.721 high to $2.492 low is acting as a resistance. A clear break above the $2.650 resistance level might open the doors for a decent increase towards the $2.720 resistance.
Any further gains could set the pace for a push towards the $2.800 and $2.850 resistance levels. Conversely, the price start a downside correction below the $2.600 support. An initial support on the downside is near the $2.580 level.
The first major support is near the broken trend line, $2.550, and the 55 simple moving average (4-hours). Any further losses could lead the price towards the main $2.500 support level in the near term.
EOS Price
Looking at the chart, EOS price is clearly trading in a nice uptrend above the $2.600 level and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards the $2.720 and $2.800 resistance levels in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is now gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is well above the 50 level.
Major Support Levels – $2.580 and $2.550.
Major Resistance Levels – $2.650 and $2.720.