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EOS Price Analysis: Fresh Move Above $5 Likely In Near Term

Summary:
EOS starred a strong increase and it cleared the .500 resistance against the US Dollar.The price is currently trading well above .800 and the 55 simple moving average (4-hours).There is a key bullish trend line forming with support near .000 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair is likely to continue higher above the .200 and .500 resistance levels.EOS price is trading above a major pivot level at .800 against the US Dollar, while bitcoin is correcting gains. The price could continue to rise towards the .000 level in the near term.EOS Price AnalysisAfter consolidating above .920, EOS price started a strong increase against the US Dollar. It broke the .300 and .500 resistance levels to move into a positive zone.The upward move gained

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  • EOS starred a strong increase and it cleared the $3.500 resistance against the US Dollar.
  • The price is currently trading well above $3.800 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $4.000 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher above the $4.200 and $4.500 resistance levels.

EOS price is trading above a major pivot level at $3.800 against the US Dollar, while bitcoin is correcting gains. The price could continue to rise towards the $5.000 level in the near term.

EOS Price Analysis

After consolidating above $2.920, EOS price started a strong increase against the US Dollar. It broke the $3.300 and $3.500 resistance levels to move into a positive zone.

The upward move gained pace after it broke the $3.800 resistance and settled well above the 55 simple moving average (4-hours). The price even surged above the $4.000 resistance level. A new yearly high was formed near $4.554 before the price started a downside correction.

There was a break below the $4.000 level. It even traded below the 23.6% Fib retracement level of the recent increase from the $3.034 low to $4.554 high.

However, the previous resistance near the $3.800 level is acting as a strong support. There is also a key bullish trend line forming with support near $4.000 on the 4-hours chart of the EOS/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $3.034 low to $4.554 high.

If there is a close below the $3.800 level, the price could test $3.600. Any more losses may possibly lead the price towards the $3.400 level or the 55 simple moving average (4-hours).

Conversely, the price could continue to rise above the $4.200 and $4.400 levels. The next major resistance is near the $4.550 level, above which the price is likely to rise towards the $5.000 level.

EOS Price

EOS Price

Looking at the chart, EOS price is clearly trading nicely above $3.800 and the 55 simple moving average (4-hours). Overall, the price could start another upward move if it clears the $4.200 and $4.500 resistance levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is still gaining momentum in the bullish zone.

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

Major Support Levels – $3.800 and $3.600.

Major Resistance Levels – $4.200 and $4.500.

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