- 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.
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.
