- EOS price rallied and was able to clear the $1.60 resistance against the US Dollar.
- The price is now trading above $1.60 and the 55 simple moving average (4-hours).
- There is a declining channel forming with resistance near $1.75 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move up if it stays above the $1.64 and $1.60 support levels.
EOS price is rising above $1.60 against the US Dollar, similar to bitcoin. The price could resume its increase if it clears the $1.75 and $1.76 resistance levels.
EOS Price Analysis
This week, EOS price started a fresh increase from the $1.30 zone against the US Dollar. The price gained pace and was able to clear the $1.50 resistance zone.
The price broke the $1.60 resistance zone and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1.75 level. However, the bears appeared near the $1.95 level. A high was formed near $1.950 and the price started a downside correction.
There was a move below the $1.80 and $1.75 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $1.250 swing low to $1.950 high.
EOS is now trading above $1.60 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $1.75 level. There is also a declining channel forming with resistance near $1.72 on the 4-hours chart of the EOS/USD pair.
The first major resistance is near the $1.75 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.95 level. Any more gains might send the price towards the $2.00 level.
On the downside, an immediate support is near the $1.64. The next key support is near the $1.60 level. It is near the 61.8% Fib retracement level of the upward move from the $1.250 swing low to $1.950 high. If there is a downside break below the $1.60 support, the price could revisit the $1.50 support.
Looking at the chart, EOS price is now trading above the $1.60 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $1.64 and $1.60 support levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $1.64 and $1.60.
Major Resistance Levels – $1.75 and $1.95.
