HomeAltcoin NewsEOS Price Analysis: Breaks Key Hurdle, More Upsides Likely Above $5

EOS Price Analysis: Breaks Key Hurdle, More Upsides Likely Above $5

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  • EOS started a fresh increase from the $4.000 support zone against the US Dollar.
  • The price is currently trading well above the $4.500 support and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $4.420 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could correct lower, but it is likely to resume its upward above the $5.000 resistance zone.

EOS price is showing bullish signs above $4.500 against the US Dollar, similar to bitcoin. The price is likely to continue higher above the $5.000 and $5.200 resistance levels.

EOS Price Analysis

This week, EOS price formed a strong support base above the $4.000 and $4.200 levels against the US Dollar. The price started a fresh increase and it cleared a couple of key hurdles near the $4.450 and $4.500 levels.

It even surged above the $4.800 resistance and settled nicely above the 55 simple moving average (4-hours). A high is formed near $4.973 and the price is currently consolidating gains. It is testing the $4.750 support level, which is close to the 23.6% Fib retracement level of the upward move from the $4.075 swing low to $4.973 high.

The price is now trading well above the $4.500 support and the 55 simple moving average (4-hours). The first major support is near the $4.520 level. There is also a major bullish trend line forming with support near $4.420 on the 4-hours chart of the EOS/USD pair.

The trend line is close to the 50% Fib retracement level of the upward move from the $4.075 swing low to $4.973 high. If there is a downside break below the trend line support, the price could dip towards the $4.200 support level.

On the upside, there is a major hurdle waiting near $4.950 and $5.000. A clear break above the $5.000 zone could open the doors for a strong increase. The next key resistance is near $5.250, above which the bulls are likely to aim $5.500 or even $5.800.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly trading well above $4.500 and the 55 simple moving average (4-hours). Overall, the price could could correct lower, but it is likely to resume its upward above the $5.000 resistance zone.

Technical indicators

4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now well above the 60 level.

Major Support Levels – $4.520 and $4.450.

Major Resistance Levels – $4.950 and $5.000.

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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