HomeAltcoin NewsEOS Price Analysis: Fresh Rally Likely Above $6.00

EOS Price Analysis: Fresh Rally Likely Above $6.00

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  • EOS tested the $4.50 and $4.60 support levels against the US Dollar.
  • The price is currently trading well above the $5.50 zone and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $5.80 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a strong increase if there is a clear break above the $6.00 and $6.10 resistance levels.

EOS price is signaling a positive move above $5.50 zone against the US Dollar, similar to bitcoin. The price could accelerate higher if it clears $6.00 and $6.10.

EOS Price Analysis

After a steady decline, EOS price found support near the $4.45 zone against the US Dollar. The bears made two attempts to clear the $4.45 zone, but they failed.

A swing low was formed near $4.465 before the price started a decent increase. The price broke the $4.80 and $5.00 resistance levels. There was also a break above a key bearish trend line with resistance near $5.80 on the 4-hours chart of the EOS/USD pair.

The pair is currently trading well above the $5.50 zone and the 55 simple moving average (4-hours). It is also trading above the 50% Fib retracement level of the recent decline from the $6.815 swing high to $4.465 low.

An immediate resistance is near the $6.00 and $6.10 levels. The 76.4% Fib retracement level of the recent decline from the $6.815 swing high to $4.465 low is also near the $6.25 level to act as a hurdle. A clear break above the $6.00 and $6.10 levels could set the pace for a strong increase.

The next major resistance is near the $6.80 level. A successful close above the $6.80 level could lead the price towards the $8.00 and $8.20 levels. Conversely, the price could correct lower from $6.00. An initial support is near the $5.60 level. Any more losses could lead the price towards the $5.00 support zone.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly trading nicely above $5.50 and the 55 simple moving average (4-hours). Overall, the price could start a strong increase if there is a clear break above the $6.00 and $6.10 resistance levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.

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

Major Support Levels – $5.50 and $5.00.

Major Resistance Levels – $6.10 and $6.50.

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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