- EOS seems to be forming a decent support base above the $4.50 level against the US Dollar.
- The price is currently testing the $5.05 zone and the 55 simple moving average (4-hours).
- There was a break above a major declining channel with resistance near $5.05 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to start a steady increase above the $5.25 and $5.50 resistance levels.
EOS price is forming a base for a move above $5.50 against the US Dollar, similar to bitcoin. The price must clear $5.50 to move into a positive zone.
EOS Price Analysis
In the past few days, EOS price saw a major decline from well above $7.00 against the US Dollar. The price traded below many supports near $6.50 to move into a bearish zone.
There was also a break below the $5.00 support level and the 55 simple moving average (4-hours). The price traded as low as $4.50 and it is currently consolidating in a range. Recently, there was a minor upside correction above the $5.00 level.
The price seems be forming a decent support base above the $4.50 level. There was also a break above a major declining channel with resistance near $5.05 on the 4-hours chart of the EOS/USD pair.
The pair is currently testing the $5.05 zone and the 55 simple moving average (4-hours). It even tested the 23.6% Fib retracement level of the key drop from the $7.70 high to $4.50 low. However, it is still struggling to gain pace above the $5.05 and $5.10 levels.
The first major resistance is near the $5.50 level. Any more gains could open the doors for a move towards the $6.00 level. The 50% Fib retracement level of the key drop from the $7.70 high to $4.50 low is the next resistance at $6.12.
A clear break above the $6.00 and $6.12 resistance levels could open the doors for a move towards the $8.00 level. On the downside, an initial support is near the $5.00 level. The next major support is near the $4.50 level. Any more losses might call for a move towards the $4.00 level.
Looking at the chart, EOS price is currently trading just above $5.00 and testing the 55 simple moving average (4-hours). Overall, the price is likely to start a steady increase above the $5.25 and $5.50 resistance levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is still in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is slowly moving higher towards the 50 level.
Major Support Levels – $5.00 and $4.50.
Major Resistance Levels – $5.50 and $6.00.
