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HomeAltcoin NewsEOS Price Analysis: Key Breakout Zone Near $2.80

EOS Price Analysis: Key Breakout Zone Near $2.80

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  • EOS started a strong decline from the $3.950 level and declined below $3.00 against the US Dollar.
  • The price is currently trading below the $2.800 resistance and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $2.800 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a strong rally if it clears the $2.800 and $2.980 resistance levels.

EOS price is forming a decent support at $2.400 against the US Dollar, while bitcoin is rising. The price could surge if it manages a clear break above the $2.800 level.

EOS Price Analysis

After trading close to the $4.000 level, EOS price started a fresh decline against the US Dollar. There was a sharp decline below the $3.500 and $3.200 support levels. The price even broke the $3.000 level and settled below the 55 simple moving average (4-hours).

Finally, there was a spike below the $2.500 level and the price traded as low as $2.373. Recently, it started a recovery wave and climbed above the $2.500 level.

There was a break above the 23.6% Fib retracement level of the downward move from the $3.940 swing high to $2.373 low. However, the price is now facing a strong resistance near the $2.800 level. There is also a major contracting triangle forming with resistance near $2.800 on the 4-hours chart of the EOS/USD pair.

If there is an upside break above the $2.800 resistance, the price could test the $3.000 resistance and the 55 simple moving average (4-hours). To move further into a positive zone, the price must settle above the $3.000 level.

The next major resistance above $3.000 is near the $3.15 level. It is close to the 50% Fib retracement level of the downward move from the $3.940 swing high to $2.373 low. Any more gains could lead the price towards the $3.500 level.

Conversely, the price could start another decline below the triangle support at $2.600. An initial support on the downside is near the $2.500 level, below which it could revisit $2.350.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly facing a strong resistance near $2.800 and the 55 simple moving average (4-hours). Overall, the price could start a strong rally if it clears the $2.800 and $2.980 resistance levels.

Technical indicators

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 still well below the 50 level.

Major Support Levels – $2.600 and $2.500.

Major Resistance Levels – $2.800 and $3.000.

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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