- EOS price started a decent recovery from the $4.30 zone against the US Dollar.
- The price is now trading above $5.00 and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $4.85 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to continue higher if there is a clear break above the $5.10 and $5.20 resistance levels.
EOS price is gaining pace above $5.00 against the US Dollar, similar to bitcoin. The price could rise further as long as it is above the $4.80 level.
EOS Price Analysis
This past week, EOS price saw a major decline from well above the $6.00 resistance zone against the US Dollar. The price declined below the $5.50 support level and the 55 simple moving average (4-hours).
The pair traded as low as $4.28 before it started an upside correction. There was a recovery wave above the$4.50 and $4.60 levels. There was also a break above the 23.6% Fib retracement level of the key decline from the $6.42 high to $4.28 low.
Besides, there was a break above a major contracting triangle with resistance near $4.85 on the 4-hours chart of the EOS/USD pair. The pair is now trading above $5.00 and the 55 simple moving average (4-hours).
It seems to be facing resistance near the $5.10 level. The next major resistance is near the $5.20 level. The main breakout zone could be near $5.35. It is close to the 50% Fib retracement level of the key decline from the $6.42 high to $4.28 low.
To start a fresh increase, the price must settle above the $5.35 level. The next key resistance is near the $5.80 level. On the downside, the first major support is near the $4.80 level and 55 simple moving average (4-hours).
The main support is now forming near the $4.60 zone. 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 $5.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if there is a clear break above 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 – $4.80 and $4.60.
Major Resistance Levels – $5.10 and $5.35.
