EOS price is trading nicely above the key .650 support zone against the US Dollar.The price is facing a short-term resistance near the .760 level, but it is well above 55 simple moving average (4-hours).There is a major bullish trend line forming with support near .700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair remains in an uptrend and it could continue to rise towards .000 in the near term.EOS price is gaining bullish momentum above the .700 level against the US Dollar, similar to bitcoin. However, the price is likely to face a strong selling interest near the .880 level.EOS Price AnalysisThis week, EOS price followed a bullish path above the .650 pivot level against the US Dollar. The price traded above the key .760 resistance level and
Topics:
Aayush Jindal considers the following as important: Altcoin News, EOS, News, Trading
This could be interesting, too:
Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics
Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop
Bena Ilyas writes Stablecoin Transactions Constitute 43% of Sub-Saharan Africa’s Volume
Chimamanda U. Martha writes Crypto Exchange ADEX Teams Up with Unizen to Enhance Trading Experience for Users
- EOS price is trading nicely above the key $2.650 support zone against the US Dollar.
- The price is facing a short-term resistance near the $2.760 level, but it is well above 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $2.700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair remains in an uptrend and it could continue to rise towards $3.000 in the near term.
EOS price is gaining bullish momentum above the $2.700 level against the US Dollar, similar to bitcoin. However, the price is likely to face a strong selling interest near the $2.880 level.
EOS Price Analysis
This week, EOS price followed a bullish path above the $2.650 pivot level against the US Dollar. The price traded above the key $2.760 resistance level and settled nicely above the 55 simple moving average (4-hours).
It traded as high as $2.880 before the bulls lost control. As a result, there was a sharp downside correction below the $2.760 and $2.700 levels. The price even spiked below the key $2.650 support area, but dips remained well bid.
A low is formed near the $2.584 level and the price is currently rising. It surpassed the $2.700 level. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $2.880 high to $2.584 low.
There is also a major bullish trend line forming with support near $2.700 on the 4-hours chart of the EOS/USD pair. On the upside, the pair is facing a short-term resistance near the $2.760 level.
If there is a clear break above $2.760 level, the price is likely to revisit the $2.880 high in the near term. Any further gains could lead the price towards the main $3.000 resistance zone.
On the downside, the first major support is seen near the $2.700 level and the trend line. The main support is still near the $2.650 zone. If the price fails to stay above the $2.650 support, there are chances of a sustained downward move.
EOS Price
Looking at the chart, EOS price is clearly preparing for more gains if it clears the $2.760 resistance. To start a major upward move, the bulls need to push the price above the $2.880 resistance zone.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is just above the 50 level.
Major Support Levels – $2.700 and $2.650.
Major Resistance Levels – $2.760 and $2.880.