HomeAltcoin NewsEOS Price Analysis: Bulls Aim Larger Increase Above $3.50

EOS Price Analysis: Bulls Aim Larger Increase Above $3.50

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  • EOS price started a decent recovery from the $3.00 zone against the US Dollar.
  • The price is now trading just above $3.30 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $3.25 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a major increase if the bulls gain strength above the $3.45 and $3.50 levels.

EOS price is showing positive signs above $3.20 against the US Dollar, similar to bitcoin. The price could rally if there is a clear break above $3.45.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $3.50 resistance zone against the US Dollar. The price traded below the $3.30 level and the 55 simple moving average (4-hours).

However, the bulls remained active near the $3.00 level. The last major swing low was near $2.98 and the price is now recovering higher. There was a clear move above the $3.20 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3.892 swing high to $2.980 low.

Besides, there was a break above a major bearish trend line with resistance near $3.25 on the 4-hours chart of the EOS/USD pair. The pair is now trading just above $3.30 and the 55 simple moving average (4-hours).

An immediate resistance is near the $3.45 level. The 50% Fib retracement level of the downward move from the $3.892 swing high to $2.980 low is also near $3.45. A close above the $3.45 level could open the doors for a steady increase.

In the stated case, the price could even surge above the $3.50 level. The next key resistance is near the $3.80 level. On the downside, the first major support is near the $3.30 level. The main support is now forming near the $3.05 zone, below which there is a risk of a sharp move towards the $2.50 support.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above $3.30 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if the bulls gain strength above the $3.45 and $3.50 levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Major Support Levels – $3.30 and $3.00.

Major Resistance Levels – $3.50 and $4.00.

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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