HomeAltcoin NewsEOS Price Analysis: More Gains Likely Above $1.105

EOS Price Analysis: More Gains Likely Above $1.105

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  • EOS price started a downside correction from the $1.1060 zone against the US Dollar.
  • The price is now trading above $1.050 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $1.050 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to move down if it stays below the $1.1060 and $1.150 resistance levels.

EOS price is declining below $1.1050 against the US Dollar, like Bitcoin. The price could attempt a fresh increase unless there is a break below $1.00.

EOS Price Analysis

Earlier this month, EOS price climbed higher above the $1.00 resistance zone against the US Dollar. The price surpassed the $1.10 level and settled above the 55 simple moving average (4 hours).

A high was formed near $1.1061 before the price started a downside correction. The price declined below the $1.100 support zone. There was a drop below the 23.6% Fib retracement level of the upward move from the $0.8800 swing low to the $1.1061 high.

However, the bulls were active near the $1.050 support. There is also a key bullish trend line forming with support near $1.050 on the 4-hour chart of the EOS/USD pair.

It is now trading above $1.050 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $1.1060 level. The first major resistance is near the $1.150 level, above which the price could rise steadily toward the $1.20 level. Any more gains might send the price toward the $1.250 level.

On the downside, immediate support is near the $1.050 level. The next key support is near the $1.00 level and the 50% Fib retracement level of the upward move from the $0.8800 swing low to the $1.1061 high. If there is a downside break below the $1.00 support, the price could revisit the $0.880 support.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $1.020 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $1.050 and $1.00 resistance levels.

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 below the 50 level.

Major Support Levels – $1.050 and $1.00.

Major Resistance Levels – $1.1060 and $1.150.

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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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