HomeAltcoin NewsEOS Price Analysis: Primed For Bullish Reversal Above $2.50

EOS Price Analysis: Primed For Bullish Reversal Above $2.50

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  • EOS price is recovering nicely from the $2.149 monthly low against the US Dollar.
  • The price is up around 10% and it even tested the main $2.500 resistance area.
  • There is a crucial bearish trend line forming with resistance near $2.480 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to move into an uptrend if it settles above the $2.500 resistance area.

EOS price is showing a lot of positive signs against the US Dollar, just like bitcoin. Still, the price must surpass the $2.500 hurdle to continue higher in the near term.

EOS Price Analysis

This week, there was a downside extension in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar before the bulls took a stand. EOS price traded to a new monthly low near $2.149 and recently started a nice recovery wave.

There was a sharp move above the $2.200 and $2.300 levels. Moreover, there was a break above the 50% Fib retracement level of the key decline from the $2.639 high to $2.149 low.

However, the price ran into a major resistance near the $2.500 level and the 55 simple moving average (4-hours). More importantly, there is a crucial bearish trend line forming with resistance near $2.480 on the 4-hours chart of the EOS/USD pair.

The price also failed near the 76.4% Fib retracement level of the key decline from the $2.639 high to $2.149 low. It is now trading near the $2.420 level, with an immediate support near the $2.360 level.

The main support is near the $2.250 level, below which the price is likely to accelerate lower towards the $2.150 level. On the upside, the price is facing a strong resistance near the $2.500 level and the 55 simple moving average (4-hours).

A clear break and close above the $2.500 level could start another rally. The next stop for the bulls might be near the $2.639 high. Any further gains could push the price towards the $2.750 level or the 1.236 Fib extension level of the key decline from the $2.639 high to $2.149 low.

EOS Price
EOS Price

Looking at the chart, EOS price is showing a lot of positive signs above $2.300 and $2.250. Having said that, a successful close above the $2.500 resistance and the 55 SMA is needed for the bulls to remain in action in the near term.

Technical indicators

Hourly MACD – The MACD for EOS/USD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently nicely above the 50 level.

Major Support Levels – $2.360 and $2.250.

Major Resistance Levels – $2.500 and $2.640.

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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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