HomeAltcoin NewsEOS Price Analysis: Correcting Lower But Dips Remain Supported

EOS Price Analysis: Correcting Lower But Dips Remain Supported

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  • EOS price rallied recently above the $3.200 and $3.580 resistance levels against the US Dollar.
  • The price traded as high as $4.066 and it is currently correcting lower.
  • There is a major contracting triangle forming with support near $3.350 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could decline in the short term, but dips remain well supported near $3.350.

EOS price is trading in a nice uptrend above $3.350 against the US Dollar, just like bitcoin. It could correct a few points, but the bulls are likely to remain active above $3.200.

EOS Price Analysis

This week, bitcoin, Ethereum, ripple, litecoin and EOS gained bullish momentum against the US Dollar. EOS price started a strong rise and broke a couple of important hurdles near $3.200 and $3.580 to enter a positive zone.

The price settled above $3.500 and the 55 simple moving average (4-hours). Finally, the price spiked towards $4.000 and a high is formed near $4.066. Recently, the price started a downside correction below the $4.000 level.

It broke the 23.6% Fib retracement level of the recent upsurge from the $2.936 low to $4.066 high. EOS price is now approaching the key $3.600 and $3.500 support levels.

Besides, the 50% Fib retracement level of the recent upsurge from the $2.936 low to $4.066 high is near the $3.500 level to provide support. More importantly, there is a major contracting triangle forming with support near $3.350 on the 4-hours chart of the EOS/USD pair.

Therefore, dips remain well supported near the $3.500 level. If there is a downside break, the price might test the $3.100 support or the 55 simple moving average (4-hours).

On the upside, an initial resistance for the bulls is near the $3.700 level. A clear break above the $3.700 level might open the doors for more gains in the coming sessions.

In the mentioned bullish case, the price is likely to accelerate above $3.800 and $3.850. The main hurdle is near the $4.000 level, above which there are high chances of another surge towards the $5.000 resistance area.

EOS Price

Looking at the chart, EOS price is trading in a bullish zone above a couple of key supports near $3.500 and $3.350. As long as there is no close below the $3.350 support, the price is likely to climb back towards the $4.000 level.

Technical indicators

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

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

Major Support Levels – $3.500 and $3.350.

Major Resistance Levels – $3.700 and $4.000.

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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