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HomeAltcoin NewsEOS Price Analysis: Bulls Sight Recovery To $0.78

EOS Price Analysis: Bulls Sight Recovery To $0.78

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  • EOS price is trading in a bearish zone below the $0.80 support against the US Dollar.
  • The price is now trading above $0.66 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.660 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to rise toward the $0.75 and $0.78 resistance levels.

EOS price is struggling below $0.80 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.75.

EOS Price Analysis

In the past few sessions, EOS price range moves below the $0.65 resistance against the US Dollar. The price remained stable above the $0.590 and $0.600 support levels.

A low is formed near $0.5987 and the price is now attempting an upside correction. There was a move above the $0.630 and $0.650 resistance levels. Besides, there was a break above the 23.6% Fib retracement level of the downward move from the $0.9040 swing high to the $0.5987 low.

There was also a break above a key bearish trend line with resistance near $0.660 on the 4-hour chart of the EOS/USD pair. The price is now trading above $0.66 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.75 level or the 50% Fib retracement level of the downward move from the $0.9040 swing high to the $0.5987 low. The next major resistance is near the $0.780 level, above which the price might test the $0.80 level. Any more gains might send the price toward the $0.900 level.

On the downside, immediate support is near the $0.675 level. The next key support is near the $0.64 level. If there is a downside break below the $0.640 support, the price could test the $0.60 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $0.66 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $0.75 and $0.78 resistance levels in the near term.

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 – $0.675 and $0.640.

Major Resistance Levels – $0.750 and $0.780.

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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