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EOS Price Analysis: Fresh Increase To $5.5 Seems Likely

Summary:
EOS traded as high as .600 before correcting lower to .000 against the US Dollar.The price is currently trading well above .500 and the 55 simple moving average (4-hours).There is a major bullish trend line forming with support near .700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair is likely to continue higher above the .000 and .200 resistance levels.EOS price showing positive signs above .500 against the US Dollar, similar to bitcoin. The price could gain bullish momentum once it settles above the .000 resistance.EOS Price AnalysisAfter a break above the .000 resistance, EOS price started a strong increase against the US Dollar. It broke the .200 resistance and traded to a new yearly high at .605.Later, there was a sharp downside

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  • EOS traded as high as $5.600 before correcting lower to $4.000 against the US Dollar.
  • The price is currently trading well above $4.500 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $4.700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher above the $5.000 and $5.200 resistance levels.

EOS price showing positive signs above $4.500 against the US Dollar, similar to bitcoin. The price could gain bullish momentum once it settles above the $5.000 resistance.

EOS Price Analysis

After a break above the $5.000 resistance, EOS price started a strong increase against the US Dollar. It broke the $5.200 resistance and traded to a new yearly high at $5.605.

Later, there was a sharp downside correction below the $5.000 support. The price even spiked below the $4.500 level, but it remains well bid above $4.000. A low is formed near $4.065 and the price is currently rising. There was a break above the $4.200 and $4.500 resistance levels.

The price cleared the 50% Fib retracement level of the downward move from the $5.605 high to $4.065 low. It is now trading well above $4.500 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $4.700 on the 4-hours chart of the EOS/USD pair.

An immediate resistance is near the $5.000 zone. It is close to the 61.8% Fib retracement level of the downward move from the $5.605 high to $4.065 low.

A clear break above the $5.000 and $5.050 resistance levels will most likely set the pace for a push towards the $5.600 level. Any more gains might lead the price towards the $6.000 level. Conversely, there could be another downside correction towards the trend line support at $4.700.

The 55 simple moving average (4-hours) is also near $4.600 to act as a strong support. Any more losses could lead the price towards the $4.420 support zone.

EOS Price

EOS Price

Looking at the chart, EOS price is clearly trading nicely above $4.500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $5.000 and $5.200 resistance levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.

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

Major Support Levels – $4.700 and $4.500.

Major Resistance Levels – $5.000 and $5.500.

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