■ EOS price is eyeing a fresh increase from the $0.660 support against the US Dollar.
■ The price is now trading above $0.80 and the 55 simple moving average (4 hours).
■ There is a key bullish trend line forming with support at $0.800 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
■ The pair could continue to rise if it clears the $0.960 and $1.00 resistance levels.
EOS price is recovering above $0.80 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $1.00 resistance.
EOS Price Analysis
In the past few sessions, EOS price started a decent increase from the $0.660 support against the US Dollar. The price was able to clear the $0.750 and $0.80 resistance levels.
The pair even cleared the 50% Fib retracement level of the downward move from the $1.150 swing high to the $0.6595 low. The bulls were able to push the price above the $0.90 resistance. EOS is now trading above $0.90 and the 55 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.965 level or the 61.8% Fib retracement level of the downward move from the $1.150 swing high to the $0.6595 low.
The next major resistance is near the $1.00 level, above which the price might test the $1.080 level. Any more gains might send the price toward the $1.150 level. The next major hurdle sits at $1.20.
On the downside, immediate support is near the $0.850 level. The next key support is near the $0.80 level. There is also a key bullish trend line forming with support at $0.800 on the 4-hour chart of the EOS/USD pair. If there is a downside break below the $0.80 support, the price could test the $0.720 support in the near term.
Looking at the chart, EOS price is now trading above the $0.90 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $0.960 and $1.00 resistance levels in the near term.
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 – $0.850 and $0.80.
Major Resistance Levels – $0.960 and $1.00.
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