- 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.
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.
