HomeAltcoin NewsEOS Price Analysis: Can Bulls Clear This Key Hurdle?

EOS Price Analysis: Can Bulls Clear This Key Hurdle?

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  • EOS price is recovering higher from the $0.650 support zone against the US Dollar.
  • The price is now trading near $0.682 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.688 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it climbs above the $0.688 and $0.700 resistance levels.

EOS price is recovering above $0.670 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.700 resistance.

EOS Price Analysis

In the past few days, EOS price struggled to stay above the $0.700 resistance against the US Dollar. The price topped near $0.707 and started a fresh decline.

There was a move below the $0.700 and $0.688 levels. It even spiked below $0.660. A low was formed near $0.6571 and the price is now recovering higher. There was a move above the $0.665 level. The price cleared the 50% Fib retracement level of the downward move from the $0.7071 swing high to the $0.6571 low.

EOS is now trading near $0.682 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.688 on the 4-hour chart of the EOS/USD pair.

On the upside, immediate resistance is near the $0.688 level and the trend line. It is close to the 61.8% Fib retracement level of the downward move from the $0.7071 swing high to the $0.6571 low. The next major resistance is near the $0.700 level, above which the price might test the $0.725 level.

Any more gains might send the price toward the $0.750 level. The next major hurdle sits at $0.780. On the downside, immediate support is near the $0.668 level.

The next key support is near the $0.655 level. If there is a downside break below the $0.655 support, the price could test the $0.6120 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading near the $0.682 level and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it climbs above the $0.688 and $0.700 resistance 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 near the 50 level.

Major Support Levels – $0.668 and $0.657.

Major Resistance Levels – $0.688 and $0.700.

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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