HomeAltcoin NewsEOS Price Analysis: Key Uptrend Support Intact At $0.72

EOS Price Analysis: Key Uptrend Support Intact At $0.72

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  • EOS price is eyeing a fresh increase from the $0.720 support against the US Dollar.
  • The price is now trading near $0.780 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.790 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to rise if it clears the $0.790 and $0.800 resistance levels.

EOS price is recovering above $0.720 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.800 resistance.

EOS Price Analysis

In the past few sessions, EOS price started a decent increase from the $0.7240 support against the US Dollar. The price was able to clear the $0.735 and $0.750 resistance levels.

The pair even climbed above the 23.6% Fib retracement level of the downward move from the $0.8800 swing high to the $0.7237 low. The price is now consolidating below key hurdles. It is trading near $0.780 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.790 level. There is also a key bearish trend line forming with resistance near $0.790 on the 4-hour chart of the EOS/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.8800 swing high to the $0.7237 low. The next major resistance is near the $0.800 level, above which the price might test the $0.835 level. Any more gains might send the price toward the $0.850 level. The next major hurdle sits at $0.880.

On the downside, immediate support is near the $0.755 level. The next key support is near the $0.724 level. If there is a downside break below the $0.724 support, the price could test the $0.680 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading near the $0.780 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $0.790 and $0.800 resistance levels in the near term.

Technical indicators

4 hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.

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

Major Support Levels – $0.755 and $0.724.

Major Resistance Levels – $0.790 and $0.800.

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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