EOS Price Analysis: Bulls Aim For Move Above $1.15
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■ EOS price started a downside correction from the $1.1420 zone against the US Dollar.
■ The price is now trading above $1.050 and the 55 simple moving average (4 hours).
■ There is a key bullish trend line forming with support near $1.0350 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
■ The pair could continue to move up if it stays above the $1.035 and $1.00 support levels.
EOS price is rising above $1.050 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $1.00.
EOS Price Analysis
In the past few days, EOS price climbed higher above the $1.050 resistance zone against the US Dollar. The price surpassed the $1.10 level and settled above the 55 simple moving average (4 hours).
A high was formed near $1.1438 before the price started a downside correction. The price declined below the $1.120 support zone. There was a drop below the 50% Fib retracement level of the upward move from the $0.9354 swing low to the $1.1438 high.
However, the bulls were active near the $1.00 support. There is also a key bullish trend line forming with support near $1.0350 on the 4-hour chart of the EOS/USD pair. It is close to the 61.8% Fib retracement level of the upward move from the $0.9354 swing low to the $1.1438 high.
It is now trading above $1.050 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $1.1080 level. The first major resistance is near the $1.1095 level, above which the price could rise steadily toward the $1.1420 level. Any more gains might send the price toward the $1.20 level.
On the downside, immediate support is near the $1.050 level. The next key support sits at $1.00. If there is a downside break below the $1.00 support, the price could revisit the $0.880 support.
Looking at the chart, EOS price is now trading above the $1.050 level and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it stays above the $1.035 and $1.00 support levels.
Technical indicators
4 hours MACD – The MACD for EOS/USD is gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $1.050 and $1.00.
Major Resistance Levels – $1.1080 and $1.1420.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
