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HomeAltcoin NewsEOS Price Analysis: Break Above $7.75 Holds The Key

EOS Price Analysis: Break Above $7.75 Holds The Key

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  • EOS started a steady recovery wave above the $4.50 and $5.00 resistance levels against the US Dollar.
  • The price is currently trading just above $6.00 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $6.30 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair must break $7.00 and $7.75 to start a strong increase in the near term.

EOS price is showing a few positive signs above $6.00 against the US Dollar, similar to bitcoin. The price must clear $7.75 to move into a positive zone.

EOS Price Analysis

After a major decline, EOS price found support near the $3.80 zone against the US Dollar. The price started a steady recovery wave above the $4.50 and $5.00 resistance levels.

The pair even spiked above $6.50 level and the 55 simple moving average (4-hours). There was also break above a major bearish trend line with resistance near $6.30 on the 4-hours chart of the EOS/USD pair. The pair is now trading just above $6.00 and the 55 simple moving average (4-hours).

The last swing high was formed near $7.72 before there was a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $3.70 low to $7.72 high.

The bulls are now protecting the $6.00 support. The price is also stable above the 50% Fib retracement level of the upward move from the $3.70 low to $7.72 high. If there is a fresh increase, the bulls need to gain strength above the $7.00 level.

The main hurdle is near the $7.75 level. If there is an upside break above the $7.75 zone, the price could start a fresh surge towards the $10.00 level.

On the downside, an initial support is near the $6.00 level. The next major support is near the $5.50 level. Any more losses might call for a test of the $5.00 support zone.

EOS Price
EOS Price

Looking at the chart, EOS price is currently trading just above $6.00 and the 55 simple moving average (4-hours). Overall, the price must break $7.00 and $7.75 to start a strong increase in the near term.

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 – $6.00 and $5.00.

Major Resistance Levels – $7.00 and $7.75.

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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