HomeAltcoin NewsEOS Price Analysis: Bulls Eye Upside Break above $1.05

EOS Price Analysis: Bulls Eye Upside Break above $1.05

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  • EOS price is facing resistance near $1.00 and $1.05 against the US Dollar.
  • The price is now trading above $0.950 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.970 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 $0.95 and $0.92 support levels.

EOS price is struggling below $1.05 against the US Dollar, similar to bitcoin. The price must stay above the $0.92 support zone to start a decent increase.

EOS Price Analysis

This past week, EOS price started a fresh decline from the $1.05 resistance zone against the US Dollar. The price declined below the $1.00 support zone.

However, the bulls were active near the $0.850 zone. A low was formed near $0.860 and the price started a recovery wave. The price climbed higher above the $0.90 and $0.92 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $1.040 swing high to $0.860 low.

It is now trading above $0.950 and the 55 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.970 on the 4-hours chart of the EOS/USD pair.

It is testing the 76.4% Fib retracement level of the downward move from the $1.040 swing high to $0.860 low. On the upside, an immediate resistance is near the $1.00 level. The first major resistance is near the $1.05 level, above which the price could rise steadily.

In the stated case, it could rise towards the $1.12 level. On the downside, an immediate support is near the $0.97 level. The next key support is near the $0.92 level. If there is a downside break below the $0.92 support, the price could revisit the $0.82 support zone.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $0.95 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $0.95 and $0.92 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 – $0.970 and $0.920.

Major Resistance Levels – $1.00 and $1.05.

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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