- EOS seems to be forming a decent support base above the $3.80 level against the US Dollar.
- The price is now trading well above $3.50 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $3.60 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to start a strong increase if there is a clear break above the $4.40 and $4.50 levels.
EOS price is showing positive signs above $3.50 against the US Dollar, similar to bitcoin. The price must clear $4.50 to move into a positive zone.
EOS Price Analysis
In the past few days, EOS price saw a decent recovery wave above the $3.00 level against the US Dollar. The price traded above the $3.20 and $3.50 resistance levels to move into a positive zone.
There was a break above the 23.6% Fib retracement level of the main decline from the $5.45 swing high to $3.05 low. There was also a break above a major bearish trend line with resistance near $3.60 on the 4-hours chart of the EOS/USD pair.
The pair is now trading well above $3.50 and the 55 simple moving average (4-hours). It tested the key $4.25 resistance zone, where the bears appeared.
It is now consolidating near the $4.00 level. The 50% Fib retracement level of the main decline from the $5.45 swing high to $3.05 low is also near the $4.25 level. The next key resistance is near the $4.40 and $4.50 levels. A close above the $4.50 level could spark a strong increase in the coming sessions.
The next stop for the bulls might be $5.00. On the downside, an initial support is near the $3.85 level. The next major support is near the $3.75 level and the 55 SMA. Any more losses might call for a move towards the $3.50 level.
Looking at the chart, EOS price is now trading well above $3.50 and the 55 simple moving average (4-hours). Overall, the price is likely to start a strong increase if there is a clear break above the $4.40 and $4.50 levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is now moving in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.
Major Support Levels – $3.85 and $3.75.
Major Resistance Levels – $4.25 and $4.50.
