HomeAltcoin NewsEOS Price Analysis: Bulls Eyeing Crucial Break above $2.8 and $3.0

EOS Price Analysis: Bulls Eyeing Crucial Break above $2.8 and $3.0

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  • EOS price is trading above a couple of key supports near $2.700 against the US Dollar.
  • The price is likely to start a strong increase if it clears the 55 simple moving average (4-hours) and $2.800.
  • There is a major contracting triangle forming with resistance near $2.775 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could decline heavily if it breaks the main $2.650 support zone in the near term.

EOS price is showing positive signs above $2.650 against the US Dollar, similar to bitcoin. However, the price must break the $2.800 level to start a fresh increase.

EOS Price Analysis

EOS price started a fresh decline after it failed to test the $3.000 resistance against the US Dollar. The price traded as high as $2.868 before it started declining. It broke the $2.750 support level and the 55 simple moving average (4-hours).

A low is formed near $2.679 before the price started an upside correction. It broke the 23.6% Fib retracement level of the recent decline from the $2.868 high to $2.679 low.

However, the price seems to be facing hurdles near the 55 simple moving average (4-hours) and the $2.780 level. There is also a major contracting triangle forming with resistance near $2.775 on the 4-hours chart of the EOS/USD pair.

The triangle resistance is close to the 50% Fib retracement level of the recent decline from the $2.868 high to $2.679 low. Therefore, an upside break above the triangle resistance and $2.800 is needed for a sustained upward move.

The next major resistance is near the $2.880 level, above which EOS price is likely to surpass the $3.000 resistance zone in the coming sessions. Any further gains could lead the price towards the $3.200 level.

Conversely, there is a risk of a bearish break below the $2.700 and $2.650 support levels. If there is a daily close below the $2.650 support, there is a risk of a sharp decline towards $2.500 level in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly preparing for the next major bullish break if there is a clear wave above the $2.800 level. If not, the price could start a substantial decline below the $2.650 support.

Technical indicators

4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.

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

Major Support Levels – $2.700 and $2.650.

Major Resistance Levels – $2.800 and $2.880.

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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