HomeAltcoin NewsEOS Price Analysis: Bulls Aim Larger Recovery

EOS Price Analysis: Bulls Aim Larger Recovery

-

  • EOS price started a fresh decline from the $3.20 zone against the US Dollar.
  • The price is now trading below $3.00 and the 55 simple moving average (4-hours).
  • There was a break above a key declining channel with resistance near $2.80 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend recovery if there is a clear move above the $3.00 resistance.

EOS price is showing bullish signs above $2.80 against the US Dollar, similar to bitcoin. The price could recover further if there is a clear break above $3.00.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $3.00 resistance zone against the US Dollar. The price traded below the $2.80 level and the 55 simple moving average (4-hours).

The price even spiked below the $2.70 level. A low is formed near $2.57 and the price is now correcting losses. There was a break above the 23.6% Fib retracement level of the downward move from the $3.28 swing high to $2.570 low.

Besides, there was a break above a key declining channel with resistance near $2.80 on the 4-hours chart of the EOS/USD pair. An initial resistance on the upside is near the $2.90 level. The price is now trading below $3.00 and the 55 simple moving average (4-hours).

It is near the 50% Fib retracement level of the downward move from the $3.28 swing high to $2.570 low. The next key resistance is near the $3.00 level.

A clear move above the $3.00 level is needed to gain bullish momentum in the near term. The next major resistance is near $3.30. On the downside, the first major support is near the $2.80 level. The main support is now forming near the $2.72 zone, below which there is a risk of a sharp move towards the $2.55 support. Any more losses might call for a move towards the $2.25 level in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below $3.00 and the 55 simple moving average (4-hours). Overall, the price could extend recovery if there is a clear move above the $3.00 resistance.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is now above the 30 level.

Major Support Levels – $2.80 and $2.55.

Major Resistance Levels – $3.00 and $3.10.

FOLLOW US

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.

Upcoming Events

Most Popular