HomeAltcoin NewsEOS Price Analysis: More Gains Possible Above $2.30

EOS Price Analysis: More Gains Possible Above $2.30

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  • EOS price started a fresh increase from the $1.920 low against the US Dollar.
  • The price is now trading above $2.10 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $2.10 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend its increase if it clears the $2.30 resistance zone in the near term.

EOS price is gaining pace above $2.10 against the US Dollar, similar to bitcoin. The price must stay above the $2.05 support zone to continue higher in the near term.

EOS Price Analysis

This week, EOS price extended decline below the $2.00 support against the US Dollar. The price declined below the $1.95 before it found support.

The price traded as low as $1.920 and recently started an upside correction. There was a clear move above the $2.00 resistance and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $2.10 on the 4-hours chart of the EOS/USD pair.

The bulls pumped the price above the 50% Fib retracement level of the main decline from the $2.38 swing high to $1.92 low. It is now facing resistance near the $2.24 and $2.25 levels.

The 76.4% Fib retracement level of the main decline from the $2.38 swing high to $1.92 low is also near the $2.27 level. The first major resistance is near the $2.30 level. To start a fresh increase, the price must clear $2.30 and $2.32. In the stated case, the price could rise towards $2.40.

The next key resistance could be $2.65. On the downside, an immediate support is near the $2.20 level and the 55 simple moving average (4-hours). The next key support is near the $2.02 level.

If there is a downside break below the $2.02 support, the price could continue to move down towards the $1.92 level in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $2.10 level and the 55 simple moving average (4-hours). Overall, the price could extend its increase if it clears the $2.30 resistance zone in the near term.

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 – $2.15 and $2.02.

Major Resistance Levels – $2.27 and $2.30.

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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