- EOS price rallied above $5.00 before it faced resistance near $5.95 against the US Dollar.
- The price is now trading just below the $5.00 support and the 55 simple moving average (4-hours).
- There is a crucial bullish trend line forming with support near $4.80 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to resume higher unless there is a clear break below $4.80 and $4.65.
EOS price is holding gains above $4.80 against the US Dollar, similar to bitcoin. The price must clear $5.10 and $5.35 to start a fresh increase.
EOS Price Analysis
EOS price saw a decent increase above the $5.00 resistance zone against the US Dollar. The price broke the $5.50 resistance level and the 55 simple moving average (4-hours) to move into a positive zone.
The price even spiked above the $5.80 level, but there was no upside continuation. A high is formed near $5.94 and the price recently corrected lower. There was a break below the $5.50 support level. The price even spiked below the $5.00 level.
It is now trading just below the $5.00 support and the 55 simple moving average (4-hours). It is testing the 23.6% Fib retracement level of the recent decline from the $5.94 high to $4.72 low. There is also a crucial bullish trend line forming with support near $4.80 on the 4-hours chart of the EOS/USD pair.
The first key resistance is near the $5.10 and the 55 simple moving average (4-hours). The next major resistance could be $5.35. It is near the 50% Fib retracement level of the recent decline from the $5.94 high to $4.72 low.
To start a fresh increase, the price must settle above the $5.35 level. On the downside, the first major support is near the $4.80 zone. If there is a downside break below the trend line support, there could be a move towards the $4.60 support. Any more losses might lead the price towards $4.00.
Looking at the chart, EOS price is now trading just below $5.00 and the 55 simple moving average (4-hours). Overall, the price is likely to resume higher unless there is a clear break below $4.80 and $4.65.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $4.80 and $4.60.
Major Resistance Levels – $5.10 and $5.35.
