HomeAltcoin NewsEOS Price Analysis: Bulls Are Not Done Yet, $5.0 Next?

EOS Price Analysis: Bulls Are Not Done Yet, $5.0 Next?

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  • EOS price gained pace and traded above the $3.880 and $4.000 resistance levels against the US Dollar.
  • The price traded as high as $4.148 and recently corrected lower.
  • There is a key bullish flag forming with resistance near $4.075 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to resume its upward move once it clears the $4.10 and $4.150 resistance levels.

EOS price is trading in a nice uptrend above the $3.850 support against the US Dollar, similar to bitcoin. There could be another rally once the bulls gain traction above $4.100.

EOS Price Analysis

After forming a support near the $3.400, there was a strong upward move in EOS above the $3.500 and $3.600 levels against the US Dollar. The upward move was such that the price settled above $3.850 and the 55 simple moving average (4-hours).

Finally, the price spiked above the $4.000 level and recently started a downside correction. It traded below the $4.000 level and the 23.6% Fib retracement level of the last rally from the $3.423 low to $4.148 high.

The price even broke the $3.950 level, but the $3.850 support area remained intact. It seems like the previous breakout resistance near $3.880 and $3.850 are acting as decent supports.

More importantly, there is a key bullish flag forming with resistance near $4.075 on the 4-hours chart of the EOS/USD pair. If there is an upside break above the $4.100 and $4.150 resistance levels, the price is likely to accelerate higher in the near term.

In the mentioned bullish case, the price is likely to rally towards the $5.00 resistance area. An intermediate resistance could be near the $4.450 and $4.500 levels.

Conversely, EOS price might decline below the $3.850 and $3.800 support levels. In this case, there is a risk of a larger downside correction below $3.750. An immediate support is near the $3.700 level and the 55 simple moving average (4-hours), below which there is a risk of a drop towards the $3.500 level.

The main support is still near the $3.420 and $3.400 levels. If the price fails to stay above $3.400 in the medium term, it could continue to move towards the $3.350 level.

EOS Price
EOS Price

Looking at the chart, EOS price is currently consolidating above the $3.850 and $3.900 levels. It seems like the bulls are preparing for a larger rally above $4.100.

Technical indicators

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

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

Major Support Levels – $3.850 and $3.800.

Major Resistance Levels – $4.100 and $4.150.

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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