- EOS price started a fresh increase from the $1.12 support against the US Dollar.
- The price is now trading above $1.15 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $1.20 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move up if it clears the $1.24 and $1.25 resistance levels.
EOS price is rising above $1.18 against the US Dollar, similar to Bitcoin. The price could resume its increase if it clears the $1.240 and $1.250 resistance levels.
EOS Price Analysis
This past week, EOS price found support near the $1.175 support against the US Dollar. The price formed a base and started a fresh increase above the $1.195 level.
The price gained pace and climbed above the $1.20 and $1.22 resistance levels. A high was formed near $1.2533 before there was a downside correction. A low is formed near $1.1955 and the price is now consolidating losses. It is still trading above $1.20 and the 55 simple moving average (4 hours).
In immediate resistance is near the $1.224 level. It is close to the 50% Fib retracement level of the downward move from the $1.2533 swing high to the $1.1955 low.
The first major resistance is near the $1.240 level or the 76.4% Fib retracement level of the downward move from the $1.2533 swing high to the $1.1955 low. The main resistance is now near $1.25, above which the price could rise steadily. In the stated case, it could rise toward the $1.30 level.
Any more gains might send the price toward the $1.32 level. On the downside, immediate support is near $1.200. There is also a key bullish trend line forming with support near $1.20 on the 4-hours chart of the EOS/USD pair.
The next key support is near $1.175. If there is a downside break below the $1.175 support, the price could revisit the $1.150 support. If there is a downside break, the price could decline toward $1.05.
Looking at the chart, EOS price is now trading above the $1.15 level and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it clears the $1.24 and $1.25 resistance levels.
Technical indicators
4 hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $1.20 and $1.175
Major Resistance Levels – $1.24 and $1.25.
