- EOS price is showing positive signs above the $1.20 resistance against the US Dollar.
- The price is now trading below $1.25 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $1.18 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move up if it stays above the $1.18 and $1.15 support levels.
EOS price is rising above $1.20 against the US Dollar, similar to bitcoin. The price could gain bullish momentum if it clears the $1.25 and $1.30 resistance levels.
EOS Price Analysis
This past week, EOS price started a fresh increase from the $1.06 zone against the US Dollar. The price gained pace and was able to clear the $1.12 resistance zone.
The price even broke the $1.20 resistance zone and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1.40 level. However, the bears appeared near the $1.45 level. As a result, there was a sharp decline below the $1.35 and $1.25 support levels.
The price declined below the 50% Fib retracement level of the upward move from the $1.060 swing low to $1.450 high. EOS is now trading below $1.25 and the 55 simple moving average (4-hours).
On the upside, an immediate resistance is near the $1.24 level. The first major resistance is near the $1.25 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.30 level. Any more gains might send the price towards the $1.35 level.
On the downside, an immediate support is near the $1.20. The next key support is near the $1.18 level. There is also a major bullish trend line forming with support near $1.18 on the 4-hours chart of the EOS/USD pair.
If there is a downside break below the $1.18 support, the price could revisit the $1.050 support zone or even $1.000 in the coming sessions.
Looking at the chart, EOS price is now trading below the $1.25 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $1.18 and $1.15 support 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 – $1.20 and $1.18.
Major Resistance Levels – $1.25 and $1.30.
