EOS started a strong surge from well below the $2.800 zone against the US Dollar.
The price is currently trading well above $3.200 and the 55 simple moving average (4-hours).
There is a key bullish trend line forming with support at $2.950 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could correct a few points, but dips are likely to be limited below $3.200 and $3.000.
EOS price started a fresh rally above $3.000 and $3.200 against the US Dollar, similar to bitcoin. The price could continue to rise towards $4.000 as long as it is above $3.000.
EOS Price Analysis
After forming a support base above $2.500 and $2.600, EOS price started a fresh increase against the US Dollar. There was a sharp upward move above the $2.800 and $3.000 resistance levels.
The price even cleared the $3.200 resistance and settled above the 55 simple moving average (4-hours). A high is formed near $3.472 and the price is currently consolidating gains. An initial support on the downside is near the $3.250 and $3.200 levels.
The 23.6% Fib retracement level of the recent increase from the $2.602 swing low to $3.472 high is also near the $3.250 level. Any more losses might call for an extended correction towards the $3.000 level.
There is also a key bullish trend line forming with support at $2.950 on the 4-hours chart of the EOS/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $2.602 swing low to $3.472 high.
Any more downsides could lead the price towards the $2.800 support zone. Conversely, the price could start another upward move. An initial resistance on the upside is near the $3.450 level.
The first key resistance could be $3.500 level, above which there are high chances of a steady rise towards the $4.000 level. An intermediate resistance could be near the $3.85 level.
Looking at the chart, EOS price is clearly trading in a positive zone above the $3.000 level and the 55 simple moving average (4-hours). Overall, the price could correct a few points, but dips are likely to be limited below $3.200 and $3.000.
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 currently correcting lower from the 70 level.
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