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HomeAltcoin NewsEOS Price Analysis: Dips Remain Well Supported Near $3.40

EOS Price Analysis: Dips Remain Well Supported Near $3.40

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  • EOS price is trading nicely above the $3.320 and $3.400 support levels against the US Dollar.
  • The price is currently correcting lower and it might test the $3.400 support area.
  • There is a key bullish trend line forming with support near $3.440 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to find support on the downside and it might resume uptrend above $3.600.

EOS price is gaining traction above $3.400 against the US Dollar, and remains well bid vs bitcoin. The price could continue to rise once it clears the $3.700 resistance area.

EOS Price Analysis

This week, bitcoin, Ethereum, ripple, litecoin and EOS climbed steadily against the US Dollar. Later, BTC started a downside correction, while EOS price remained in a positive zone above the $3.320 and $3.400 support levels.

During the recent rise, the price settled above the $3.400 resistance area and the 55 simple moving average (4-hours). The bulls even managed to push the price above the $3.500 level and a new monthly high was formed near the $3.698.

At the moment, the price is correcting lower below the $3.600 level. Moreover, it broke the 23.6% Fib retracement level of the recent wave from the $3.198 low to $3.698 high.

However, there are many supports on the downside near the $3.450 and $3.400 levels. More importantly, there is a key bullish trend line forming with support near $3.440 on the 4-hours chart of the EOS/USD pair.

Besides, the 50% Fib retracement level of the recent wave from the $3.198 low to $3.698 high is also near the $3.440 level. Therefore, the $3.440 area is likely to act as a strong support. If there is a downside break, the price could test the $3.320 support.

The 55 simple moving average (4-hours) is also near the $3.320 area. Any further losses may perhaps push EOS price towards the $3.200 support area. The next major support is near the $3.050 level.

On the upside, there are a few key hurdles near the $3.650 and $3.700 levels. A clear break above the $3.700 level might set the pace for more upsides in the near term. In the mentioned case, the price could test the $4.000 resistance.

EOS Price
EOS Price

Looking at the chart, EOS price is correcting gains, but it remains well supported near the $3.440 and $3.400 levels. Only a close below the $3.320 level and the 55 simple moving average (4-hours) might push the price into a bearish zone.

Technical indicators

Hourly MACD – The MACD for EOS/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently correcting lower towards the 50 level.

Major Support Levels – $3.440 and $3.320.

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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