■ 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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