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HomeAltcoin NewsEOS Price Analysis: More Gains Possible Above $2.8

EOS Price Analysis: More Gains Possible Above $2.8

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  • EOS price started a fresh increase above the $2.45 resistance zone against the US Dollar.
  • The price is now trading above $2.50 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $2.45 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend increase if it stays above the $2.45 support zone.

EOS price is showing bullish signs above $2.50 against the US Dollar, similar to bitcoin. The price could continue to rise unless there is a clear move below $2.45.

EOS Price Analysis

This past week, EOS price saw a decent increase above the $2.25 resistance zone against the US Dollar. There was also a close above the $2.50 level and the 55 simple moving average (4-hours).

The price even surged above the $2.70 level. A high is formed near $2.770 and the price is now correcting gains. It already spiked below the 23.6% Fib retracement level of the upward move from the $2.230 swing low to $2.770 low.

However, it is trading above $2.50 and the 55 simple moving average (4-hours). On the downside, the first major support is near the $2.50 level. It is near the 50% Fib retracement level of the upward move from the $2.230 swing low to $2.770 low.

The next support is now forming near the $2.450 zone. There is also a key bullish trend line forming with support near $2.45 on the 4-hours chart of the EOS/USD pair. If there is a downside break below $2.45, the price might drop to $2.35.

Any more losses might call for a move towards the $2.25 level in the near term. An initial resistance on the upside is near the $2.70 level. The main resistance is still near the $2.80 level.

A clear move above the $2.80 level is needed to gain bullish momentum in the near term. The next major resistance is near $3.00, above which the price could rise to $3.20.

EOS
EOS

Looking at the chart, EOS price is now trading above $2.30 and the 55 simple moving average (4-hours). Overall, the price could extend increase if it stays above the $2.45 support zone.

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 – $2.50 and $2.45.

Major Resistance Levels – $2.70 and $2.80.

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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