EOS price climbed to a new multi-week high at .950 before correcting lower against the US Dollar.The price corrected lower below .5501 and even spiked below the 55 simple moving average (4-hours).There is a major bullish trend line forming with support near .150 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair is likely to start a fresh increase as long as it is above .200 and .150.EOS price is correcting gains from the monthly high against the US Dollar, similar to bitcoin. The price is currently holding the .200 support and it could rise again.EOS Price AnalysisEOS price gained bullish momentum above the .200 and .550 resistance levels against the US Dollar. It traded close to the .000 resistance zone before it started a downside correction.A
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- EOS price climbed to a new multi-week high at $3.950 before correcting lower against the US Dollar.
- The price corrected lower below $3.5501 and even spiked below the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $3.150 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to start a fresh increase as long as it is above $3.200 and $3.150.
EOS price is correcting gains from the monthly high against the US Dollar, similar to bitcoin. The price is currently holding the $3.200 support and it could rise again.
EOS Price Analysis
EOS price gained bullish momentum above the $3.200 and $3.550 resistance levels against the US Dollar. It traded close to the $4.000 resistance zone before it started a downside correction.
A new multi-week high was formed near $3.950 before the price started a downside correction. There was a break below the $3.600 and $3.550 support levels. The price even broke the $3.400 support and spiked below the 55 simple moving average (4-hours).
The price traded to a new weekly low at $3.220 and it is currently correcting higher. It is trading near the $3.400 resistance and the 55 simple moving average (4-hours). The 23.6% Fib retracement level of the recent decline from the $3.950 high to $3.220 low is also near the $3.400 level.
On the upside, the first major resistance is near the $3.550 level (the recent breakdown support). There is also a bearish trend line forming with resistance near $3.580 on the 4-hours chart of the EOS/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $3.950 high to $3.220 low.
A clear break above the $3.550 resistance zone could set the pace for a fresh rally. In the mentioned case, the price is likely to rise again towards the $3.950 and $4.000 resistance levels in the near term.
Conversely, the price might continue to move down towards the $3.200 support. There is also a major bullish trend line forming with support near $3.150 on the same chart.
EOS Price
Looking at the chart, EOS price is clearly holding a couple of important supports near $3.200. Therefore, the price is likely to start a fresh increase as long as it is above $3.200 and $3.150.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly moving into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is still well below the 50 level.
Major Support Levels – $3.200 and $3.150.
Major Resistance Levels – $3.400 and $3.550.