- EOS price is gaining pace above the $1.20 resistance against the US Dollar.
- The price is now trading above $1.10 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1.12 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 $1.15 and $1.12 support levels.
EOS price is rising above $1.15 against the US Dollar, similar to bitcoin. The price could gain bullish momentum if it clears the $1.28 and $1.30 resistance levels.
EOS Price Analysis
This week, EOS price started a fresh increase from the $1.05 zone against the US Dollar. The price gained pace and was able to clear the $1.10 resistance zone.
The price even broke the $1.15 resistance zone and the 55 simple moving average (4-hours). There was a steady increase above the 61.8% Fib retracement level of the downward move from the $1.270 swing high to $1.060 swing low.
The price is now trading above $1.10 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $1.12 on the 4-hours chart of the EOS/USD pair.
On the upside, an immediate resistance is near the $1.27 level. The first major resistance is near the $1.30 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.32 level. It is near the 1.236 Fib extension level of the downward move from the $1.270 swing high to $1.060 swing low.
Any more gains might send the price towards the $1.35 level. On the downside, an immediate support is near the $1.20. The next key support is near the $1.15 level and the trend line. If there is a downside break below the $1.15 support, the price could revisit the $1.050 support zone.
Looking at the chart, EOS price is now trading above the $1.15 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $1.15 and $1.12 support 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 – $1.20 and $1.15.
Major Resistance Levels – $1.28 and $1.30.
