EOS traded to a weekly high at .755 before starting a downside correction against the US Dollar.The price is currently trading above .620 and the 55 simple moving average (4-hours).There is a crucial contracting triangle forming with resistance near .688 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could resume its rise if it clears the .700 and .720 resistance levels in the near term.EOS price is holding important supports above .600 against the US Dollar, similar to bitcoin. The price could start a fresh increase as long as it is above .600.EOS Price AnalysisThis week, EOS price traded in a nice uptrend above the .600 and .620 levels against the US Dollar. The price even broke the .700 level and settled well above the 55 simple moving
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- EOS traded to a weekly high at $2.755 before starting a downside correction against the US Dollar.
- The price is currently trading above $2.620 and the 55 simple moving average (4-hours).
- There is a crucial contracting triangle forming with resistance near $2.688 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could resume its rise if it clears the $2.700 and $2.720 resistance levels in the near term.
EOS price is holding important supports above $2.600 against the US Dollar, similar to bitcoin. The price could start a fresh increase as long as it is above $2.600.
EOS Price Analysis
This week, EOS price traded in a nice uptrend above the $2.600 and $2.620 levels against the US Dollar. The price even broke the $2.700 level and settled well above the 55 simple moving average (4-hours).
It traded to a weekly high at $2.755 before starting a downside correction. There was a break below the $2.650 support level, but the bulls were able to defend the $2.600 support zone. The recent low was formed near $2.623 and the price is currently holding gains.
It is now trading above $2.620 and the 55 simple moving average (4-hours). There was a break above the 23.6% Fib retracement level of the recent decline from the $2.755 high to $2.623 low.
Moreover, it seems like there is a crucial contracting triangle forming with resistance near $2.688 on the 4-hours chart of the EOS/USD pair. The triangle resistance is close to the 50% Fib retracement level of the recent decline from the $2.755 high to $2.623 low.
If there is a clear break above the triangle resistance, the price could even climb above the $2.700 resistance. The next key resistance is near the $2.720 level, above which there are high chances of a break above the $2.750 level.
On the downside, an initial support is near the triangle lower trend line at $2.640 and the 55 simple moving average (4-hours). The next major support is near the $2.600 zone. A clear break below the $2.600 support zone could increase selling pressure and the price might move into a bearish zone.
EOS Price
Looking at the chart, EOS price is clearly trading in a nice uptrend above $2.620 and the 55 simple moving average (4-hours). Overall, the price could resume its rise if it clears the $2.700 and $2.720 resistance levels in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is still above the 50 level.
Major Support Levels – $2.640 and $2.600.
Major Resistance Levels – $2.700 and $2.720.