HomeAltcoin NewsEOS Price Analysis: Bulls Eyeing Larger Bullish Breakout

EOS Price Analysis: Bulls Eyeing Larger Bullish Breakout

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  • EOS price is trading nicely above the $2.365 and $2.330 support levels against the US Dollar.
  • The bulls are likely to gain strength if there is a clear break above $2.800.
  • There is a crucial bullish trend line forming with support near $2.480 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • Dips remain well supported on the downside as long as the price is above $2.280.

EOS price is showing a few positive signs against the US Dollar, similar to bitcoin. However, the bulls need to surpass $2.700 and $2.800 for a strong rally in the near term.

EOS Price Analysis

In the past few days, there were mostly broad range moves in EOS price below $2.800 against the US Dollar. The price declined a couple of times, but dips remain well bid above the $2.300 support area.

The recent swing low was formed near $2.439 before the price jumped above the $2.500 resistance. It even surpassed the $2.600 level and the 55 simple moving average (4-hours). A high is formed near the $2.657 level and the price is currently correcting lower.

There was a break below the $2.600 level. The price even traded below the 23.6% Fib retracement level of the recent rise from the $2.439 low to $2.657 high.

It is now approaching the $2.580 support level and the 55 simple moving average (4-hours). The first key support is near the $2.550 level. It is close to the 50% Fib retracement level of the recent rise from the $2.439 low to $2.657 high.

Moreover, there is a crucial bullish trend line forming with support near $2.480 on the 4-hours chart of the EOS/USD pair. If the price fails to stay above the $2.550 support and the trend line, it could decline towards the main $2.350 and $2.300 support levels.

Conversely, the price might continue to rise above the $2.650 and $2.680 levels. The first key barrier is near the $2.750 level. The main resistance for a larger upward move is seen near the $2.800 levels. Above $2.800, the bulls are likely to aim a test of the $3.000 resistance.

EOS Price
EOS Price

Looking at the chart, EOS price is currently trading in a bullish zone above the $2.550 and $2.500 support levels. As long as there is no close below $2.500, the bulls are likely to eye a break above the $2.800 resistance.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is now correcting lower towards the 50 level.

Major Support Levels – $2.255 and $2.350.

Major Resistance Levels – $2.750 and $2.800.

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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