HomeAltcoin NewsEOS Price Analysis: $10 Holds The Key For Fresh Rally

EOS Price Analysis: $10 Holds The Key For Fresh Rally

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  • EOS started a strong increase above the $10.00 and $12.00 resistance levels against the US Dollar.
  • The price is currently trading above the $10.00 zone and the 55 simple moving average (4-hours).
  • Earlier, there was a break above a major declining channel with resistance near $10.80 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is correcting gains, but it could start a fresh increase as long as it is above $10.00.

EOS price is holding gains above $10.00 against the US Dollar, similar to bitcoin. The price is likely to start a fresh rally if it clears the $12.00 resistance in the near term.

EOS Price Analysis

After forming a base near $6.50, EOS price started a strong rally against the US Dollar. The bulls took control and pushed the price above the $10.00 and $10.50 resistance levels.

It opened the doors for more gains above the $12.00 level. There was also a break above a major declining channel with resistance near $10.80 on the 4-hours chart of the EOS/USD pair. The price even surged towards the $15.00 level and settled nicely above the 55 simple moving average (4-hours).

A new 2021 high was formed near $14.97 before the price started a major decline. There was a sharp decline below the $12.00 support level. The price even spiked below the $10.00 level and the 55 simple moving average (4-hours).

A low is formed near $9.62 and the price is now correcting higher. It is trading nicely above the $10.00 level and the 55 simple moving average (4-hours).

It is testing the 23.6% Fib retracement level of the recent decline from the $14.97 high to $9.64 low. An initial resistance on the upside is near the $11.50 level. The main resistance for a strong increase is now forming near the $12.00 level.

The 50% Fib retracement level of the recent decline from the $14.97 high to $9.64 low is also near the $12.30 level to act as a resistance.

On the downside, the $10.00 level holds the key. The next major support is near the $8.80 level. Any more losses might call for a test of the $6.80 support zone.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly trading nicely above $10.00 and the 55 simple moving average (4-hours). Overall, the price is correcting gains, but it could start a fresh increase as long as it is above $10.00.

Technical indicators

4-hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now close to the 40 level.

Major Support Levels – $10.00 and $8.80.

Major Resistance Levels – $11.50 and $12.00.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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