EOS price is gaining momentum above the .550 and .600 resistance levels against the US Dollar.The price is now trading well below the .550 pivot level and the 55 simple moving average (4-hours).There is a major ascending channel forming with support near .620 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could continue to move higher above .700 as long as it is above the .550 pivot level.EOS price is trading in a positive zone above .550 against the US Dollar, similar to bitcoin. The bulls seem to be in control and it seems like they are aiming a test of .000.EOS Price AnalysisEOS price formed a strong support base above the .420 level against the US Dollar. As a result, the price started a steady increase above the .500 and .550
Topics:
Aayush Jindal considers the following as important: Altcoin News, EOS, News, Trading
This could be interesting, too:
Chimamanda U. Martha writes OSL Strengthens Partnership with Solomon JFZ Ahead of Hong Kong ETF Launch
Temitope Olatunji writes Japanese Metaplanet’s Purchase of Bitcoin Worth .25M Signals Growing Corporate Adoption
Godfrey Benjamin writes Here Are 3 Major Recent Cardano (ADA) Upgrades to Know
Steve Muchoki writes BNY Mellon Invests in Spot Bitcoin ETFs from BlackRock and Grayscale
- EOS price is gaining momentum above the $2.550 and $2.600 resistance levels against the US Dollar.
- The price is now trading well below the $2.550 pivot level and the 55 simple moving average (4-hours).
- There is a major ascending channel forming with support near $2.620 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move higher above $2.700 as long as it is above the $2.550 pivot level.
EOS price is trading in a positive zone above $2.550 against the US Dollar, similar to bitcoin. The bulls seem to be in control and it seems like they are aiming a test of $3.000.
EOS Price Analysis
EOS price formed a strong support base above the $2.420 level against the US Dollar. As a result, the price started a steady increase above the $2.500 and $2.550 resistance levels.
During the rise, there was a break above a crucial declining channel with resistance near $2.520 on the 4-hours chart of the EOS/USD pair. There was a strong rise, and the pair settled above the $2.550 level and the 55 simple moving average (4-hours).
Finally, there was a break above the $2.600 level and the price traded as high as $2.688. The price is currently consolidating gains above the $2.620 support level.
An initial support is near the 23.6% Fib retracement level of the upward move from the $2.538 swing low to $2.688 high. Moreover, there is a major ascending channel forming with support near $2.620 on the same chart.
The channel support is close to the 50% Fib retracement level of the upward move from the $2.538 swing low to $2.688 high. If there is a downside break below the channel support and $2.600, the price could continue to correct lower towards the $2.550 support zone.
Conversely, the price might continue to move higher above the $2.650 and $2.700 levels. A successful break above the $2.700 resistance might open the doors for a push towards the $2.850 level. Any further gains could lead the price towards the $3.000 resistance.
EOS Price
Looking at the chart, EOS price is clearly following a nice uptrend above the $2.620 and $2.550 support levels. Overall, the price could continue to move higher above $2.700 as long as it is above the $2.550 pivot level.
Technical indicators
4-hours MACD – The MACD for EOS/USD is moving nicely in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently well above the 60 level.
Major Support Levels – $2.620 and $2.550.
Major Resistance Levels – $2.700 and $2.850.