HomeAltcoin NewsEOS Price Analysis: More Gains Possible, $2.30 Presents Resistance

EOS Price Analysis: More Gains Possible, $2.30 Presents Resistance

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  • EOS price started a fresh increase from the $1.90 zone against the US Dollar.
  • The price is now trading above $2.00 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $1.972 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could resume increase if it clears the $2.10 resistance zone.

EOS price is showing positive signs above $2.00 against the US Dollar, similar to bitcoin. The price could continue to rise if it manages to surpass $2.10.

EOS Price Analysis

This week, EOS price started a decent upward move wave from the $1.90 support zone against the US Dollar. The price was able to clear the $1.92 and $1.95 resistance levels.

There was a break above a key bearish trend line with resistance near $1.972 on the 4-hours chart of the EOS/USD pair. The pair climbed above the 38.2% Fib retracement level of the main drop from the $2.30 swing high to $1.870 low.

It is now trading above $2.00 and the 55 simple moving average (4-hours). However, the price is facing resistance near the $2.10 level. It is near the 50% Fib retracement level of the main drop from the $2.30 swing high to $1.870 low.

A clear upside break above the $2.10 resistance could start a steady increase. The next major resistance is near the $2.20 level. If there are additional gains above $2.20, the price could rise to $2.35. Any more gains might send the price towards the $2.50 level or even $2.60.

On the downside, the first major support is near the $2.00 level. The next support is now forming near the $1.98 zone and the 55 simple moving average (4-hours). If there is a downside break below $1.98, the price might drop to $1.90. Any more losses might call for a move towards the $1.80 level in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $2.00 level and the 55 simple moving average (4-hours). Overall, the price could resume increase if it clears the $2.10 resistance zone.

Technical indicators

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

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

Major Support Levels – $2.00 and $1.98.

Major Resistance Levels – $2.10 and $2.20.

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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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