EOS price is currently correcting higher after it formed a support base near .650 against the US Dollar.The price is facing a lot of hurdles on the upside near the .050, .100 and .350 levels.There are two bearish trend lines forming with resistance near .050 and .400 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could correct higher towards .100 or .350, but upsides are likely to be contained.EOS price is currently trading near key resistances against the US Dollar and bitcoin. The price must surpass the .400 resistance area to move into a positive zone.EOS Price AnalysisThis past week, there were additional losses in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. EOS price declined below the .850 and .650 support
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- EOS price is currently correcting higher after it formed a support base near $2.650 against the US Dollar.
- The price is facing a lot of hurdles on the upside near the $3.050, $3.100 and $3.350 levels.
- There are two bearish trend lines forming with resistance near $3.050 and $3.400 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could correct higher towards $3.100 or $3.350, but upsides are likely to be contained.
EOS price is currently trading near key resistances against the US Dollar and bitcoin. The price must surpass the $3.400 resistance area to move into a positive zone.
EOS Price Analysis
This past week, there were additional losses in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. EOS price declined below the $2.850 and $2.650 support levels, plus settled below the 55 simple moving average (4-hours). A new monthly low was formed near $2.591 and the price recently started an upside correction. It broke the $3.850 and $3.900 resistance levels.
Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $4.085 high to $2.591 low. The price even climbed above $3.000 and the 55 simple moving average (4-hours). However, it seems to be struggling to stay above the $3.000 level. More importantly, there are two bearish trend lines forming with resistance near $3.050 and $3.400 on the 4-hours chart of the EOS/USD pair.
Above the first trend line, the next key resistance is near the $3.100 level. If there is an upside break above $3.100, the price could test the $3.350 resistance area or the next bearish trend line. An intermediate resistance is near the 50% Fib retracement level of the last decline from the $4.085 high to $2.591 low at $3.338. Therefore, an upside break above the $3.350 and $3.400 levels is must for upside continuation in the near term.
Conversely, the price could resume its decline if it fails to surpass $3.050 and $3.100. On the downside, an immediate support is near the $2.850 level. The main support is near the $2.650 level, below which the price could even trade below the $2.500 support area.
Looking at the chart, EOS price is clearly trading near a few important resistances such as $3.050 and $3.100. Having said that, a successful close above the $3.400 level is must for a trend change in the coming sessions.
Technical indicators
Hourly MACD – The MACD for EOS/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently just above the 50 level, with a flat structure.
Major Support Levels – $2.850 and $2.650.
Major Resistance Levels – $3.050 and $3.100.