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HomeAltcoin NewsEOS Price Analysis: Bulls Aim Push To $1.30 or Higher

EOS Price Analysis: Bulls Aim Push To $1.30 or Higher

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  • EOS price started a fresh decline from the $1.25 resistance against the US Dollar.
  • The price is now trading just above $1.18 and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $1.200 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $1.20 and $1.22 resistance levels.

EOS price is struggling below $1.25 against the US Dollar, similar to bitcoin. The price could start a fresh surge if it clears the $1.20 and $1.22 resistance levels.

EOS Price Analysis

This past week, EOS price started a fresh decline from the $1.25 zone against the US Dollar. The price traded below the $1.20 and $1.18 levels to enter a bearish zone.

The price broke the $1.16 support zone and the 55 simple moving average (4-hours). The recent low was formed near $1.15 and the price is now correcting higher. There was a minor increase above the $1.17 level. There was a move above the 23.6% Fib retracement level of the downward move from the $1.382 swing high to $1.1028 low.

The price is now now trading just above $1.18 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $1.200 level.

There is also a major contracting triangle forming with resistance near $1.200 on the 4-hours chart of the EOS/USD pair. The next major resistance is near $1.22, above which it could test $1.24. It near the 50% Fib retracement level of the downward move from the $1.382 swing high to $1.1028 low.

Any more gains might send the price towards the $1.30 level. On the downside, an immediate support is near the $1.170. The next key support is near the $1.150 level. If there is a downside break below the $1.150 support, the price could test the $1.10 support.

EOS
EOS

Looking at the chart, EOS price is now trading just above the $1.18 level and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $1.20 and $1.22 resistance levels.

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 50 level.

Major Support Levels – $1.170 and $1.110.

Major Resistance Levels – $1.20 and $1.22.

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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