- EOS price started a downside correction from the $5.40 resistance against the US Dollar.
- The price is now trading above $4.50 and the 55 simple moving average (4-hours).
- There is a crucial expanding triangle forming with support near $4.70 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could accelerate higher if it clears the $5.10 and $5.20 resistance levels.
EOS price is showing positive signs above $4.60 against the US Dollar, similar to bitcoin. The price could rise further if it manages to clear the $5. 10 resistance.
EOS Price Analysis
This week, EOS price started a steady increase above the $4.50 resistance zone against the US Dollar. The price formed a base above $5.00 and it was able to settle above the 55 simple moving average (4-hours).
The price traded as high as $5.39 before starting a downside correction. There was a sharp decline below the $5.10 and $5.00 support levels. However, the bulls were active near the $4.50 level above the 55 simple moving average (4-hours).
It is now rising and trading above $4.80. There was a break above the $4.65 and $4.50 resistance levels. Besides, there is a crucial expanding triangle forming with support near $4.70 on the 4-hours chart of the EOS/USD pair. The pair is testing the 50% Fib retracement level of the downward move from the $5.396 swing high to $4.540 low.
An immediate resistance is near the $5.05 level. The first key resistance is near the $5.10 level. It is near the 61.8% Fib retracement level of the downward move from the $5.396 swing high to $4.540 low.
A close above the $5.10 level could open the doors for a steady increase. In the stated case, the price could rise towards the $5.40 level. The next key resistance is near the $5.50 level.
On the downside, the first major support is near the $4.80 level. The main support is now forming near the $4.60 zone and the 55 SMA. If there is a downside break below the $4.60 support, there could be a move towards the $4.20 support.
Looking at the chart, EOS price is now trading above $4.65 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher if it clears the $5.10 and $5.20 resistance levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $4.75 and $4.50.
Major Resistance Levels – $5.10 and $5.40.
