40.5 C
Dubai
Monday, May 27, 2024
HomeAltcoin NewsEOS Price Analysis: Dips Likely Supported Near $2.55

EOS Price Analysis: Dips Likely Supported Near $2.55

Date:

Related stories

  • EOS rallied towards the $2.750 level before correcting lower against the US Dollar.
  • The price is currently trading above the $2.550 support and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $2.550 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a fresh rally if it clears the $2.650 resistance zone in the near term.

EOS price is currently correcting gains from $2.750 against the US Dollar, similar to bitcoin. The price must stay above $2.550 support to start a fresh rally.

EOS Price Analysis

In the past few days, EOS price saw a decent increase above the $2.500 resistance zone against the US Dollar. The price broke the $2.550 resistance level and settled well above the 55 simple moving average (4-hours).

The price even climbed above the $2.650 level, but it struggled to continue higher above $2.750. A high was formed near $2.757 before the price started a downside correction. There was a sharp bearish reaction below the $2.700 and $2.650 levels.

The price even spiked below $2.550 level and the 55 simple moving average (4-hours), but there was no follow through. A low was formed near $2.457 and the price is currently rising. It broke the $2.550 level.

There was a break above the 50% Fib retracement level of the downside correction from the $2.757 high to $2.457 low. However, the price seems to be facing a strong resistance near the $2.650 level.

The 61.8% Fib retracement level of the downside correction from the $2.757 high to $2.457 low is also acting as a resistance for the bulls. A clear break above the $2.650 resistance level could open the doors for a decent increase in the coming sessions.

The next key resistance is near the $2.750 zone, above which the bulls are likely to aim $2.90. Conversely, the price start a fresh decline below $2.580. On the downside, there is a major bullish trend line forming with support near $2.550 on the 4-hours chart of the EOS/USD pair.

If there is a clear break below the trend line, $2.550, and the 55 simple moving average (4-hours), the price could decline heavily towards $2.400.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly holding the key $2.550 support and the 55 simple moving average (4-hours). Overall, the price could start a fresh rally if it clears the $2.650 resistance zone in the near term.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is close to the 50 level.

Major Support Levels – $2.550 and $2.450.

Major Resistance Levels – $2.650 and $2.750.

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.

Subscribe

Latest stories