- EOS is gaining pace from the $3.680 support base against the US Dollar.
- The price is currently trading above the $4.000 support and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $3.900 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to continue higher above the $4.250 and $4.500 resistance levels.
EOS price is showing positive signs above $4.000 against the US Dollar, similar to bitcoin. The price is likely to surge significantly once there is a clear break above $4.500.
EOS Price Analysis
After a fresh decline, EOS price remained stable above $3.650 against the US Dollar. It formed a support base near $3.680 and recently started a decent upward move.
There was a break above the $3.950 and $4.000 resistance levels. The price is currently trading above the $4.000 support and the 55 simple moving average (4-hours). There was also a clear break above 50% Fib retracement level of the downward move from the $4.391 high to $3.677 low.
It is now trading near the $4.200 resistance. The 76.4% Fib retracement level of the downward move from the $4.391 high to $3.677 low is also near the $4.220 level.
A clear break above the $4.220 and $4.250 levels could open the doors for a strong increase. The next key resistance is near $4.400 and $4.500, above which the bulls are likely to aim $5.000 or even $5.500. On the downside, there is a key support forming near $3.900.
There is also a major bullish trend line forming with support near $3.900 on the 4-hours chart of the EOS/USD pair. The next major support is near $3.680, below which the price might dive towards the $3.380 level in the near term. Any more losses may possibly open the doors for a larger decline towards the $3.000 support.
Looking at the chart, EOS price is clearly trading nicely above $4.000 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $4.250 and $4.500 resistance levels in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $3.900 and $3.680.
Major Resistance Levels – $4.400 and $4.500.
