HomeAltcoin NewsEOS Price Analysis: More Gains Seem Likely Above $1.25

EOS Price Analysis: More Gains Seem Likely Above $1.25

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  • EOS price started a fresh decline from the $1.40 resistance against the US Dollar.
  • The price is now trading below $1.25 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $1.170 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $1.140 and $1.1020 support levels.

EOS price is struggling below $1.40 against the US Dollar, similar to bitcoin. The price could start a fresh increase if it clears the $1.25 and $1.30 resistance levels.

EOS Price Analysis

This week, EOS price started a fresh decline from the $1.40 zone against the US Dollar. The price traded below the $1.35 and $1.30 levels to enter a bearish zone.

The price broke the $1.25 support zone and the 55 simple moving average (4-hours). The bears even pushed the price below the $1.20 level. A low is formed near $1.1028 and the price is now correcting losses. There was a minor increase above the $1.15 level.

There was a move above the 23.6% Fib retracement level of the downward move from the $1.383 swing high to $1.1028 low. Besides, there was a break above a major bearish trend line with resistance near $1.170 on the 4-hours chart of the EOS/USD pair.

The price is now trading below $1.25 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $1.250 level. It near the 50% Fib retracement level of the downward move from the $1.383 swing high to $1.1028 low.

The first major resistance is near the $1.30 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.35 level. Any more gains might send the price towards the $1.40 level.

On the downside, an immediate support is near the $1.170. The next key support is near the $1.100 level. If there is a downside break below the $1.100 support, the price could test the $1.05 support.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $1.30 level and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it stays above the $1.140 and $1.1020 support levels.

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 – $1.170 and $1.110.

Major Resistance Levels – $1.25 and $1.300.

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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