EOS Price Analysis: Gains Could Accelerate Above $1

Live Bitcoin News
Updated Apr 25, 2024 05:44
Mitrade

■  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.

* 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.

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