Home / Altcoins / EOS Price Analysis: Facing Major Hurdle Near $2.55

EOS Price Analysis: Facing Major Hurdle Near $2.55

Summary:
EOS struggled to continue higher above .627 and declined recently against the US Dollar.The price is currently trading above the .435 support and the 55 simple moving average (4-hours).There is a key bearish trend line forming with resistance near .552 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could start a strong rally if it clears the .552 and .620 resistance levels in the near term.EOS price is struggling to gain bullish momentum above .600 against the US Dollar, while bitcoin is placed nicely above .5k. The price must stay above .435 support to start a fresh increase.EOS Price AnalysisIn the past few days, EOS price gained pace above the .400 zone against the US Dollar. The price broke the .500 resistance level and settled well

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  • EOS struggled to continue higher above $2.627 and declined recently against the US Dollar.
  • The price is currently trading above the $2.435 support and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $2.552 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a strong rally if it clears the $2.552 and $2.620 resistance levels in the near term.

EOS price is struggling to gain bullish momentum above $2.600 against the US Dollar, while bitcoin is placed nicely above $15.5k. The price must stay above $2.435 support to start a fresh increase.

EOS Price Analysis

In the past few days, EOS price gained pace above the $2.400 zone against the US Dollar. The price broke the $2.500 resistance level and settled well above the 55 simple moving average (4-hours).

The price even spiked above the $2.600 level, but it struggled to continue higher above $2.627. As a result, there was a downside correction below the $2.550 support level. The price traded below the 23.6% Fib retracement level of the upward move from the $2.237 low to $2.627 high.

However, the bulls are protecting the $2.450 and $2.435 support levels. The 50% Fib retracement level of the upward move from the $2.237 low to $2.627 high is also near the $2.412 level.

The price is now consolidating above the $2.435 support and the 55 simple moving average (4-hours). On the upside, there is a key bearish trend line forming with resistance near $2.552 on the 4-hours chart of the EOS/USD pair.

To start a fresh increase, the price must break the trend line resistance. The next key resistance is near the $2.620 zone, above which the bulls are likely to gain strength.

Conversely, the price might dive below the $2.435 support and the 55 simple moving average (4-hours). In the stated case, the price is likely to decline towards the $2.350 support. The next major support is near the $2.250 level.

EOS Price

EOS Price

Looking at the chart, EOS price is clearly holding the key $2.435 support and the 55 simple moving average (4-hours). Overall, the price could start a strong rally if it clears the $2.552 and $2.620 resistance levels in the near term.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is just below the 50 level.

Major Support Levels – $2.435 and $2.350.

Major Resistance Levels – $2.552 and $2.620.

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