HomeAltcoin NewsEOS Price Analysis: Primed For More Gains Above $3.30

EOS Price Analysis: Primed For More Gains Above $3.30

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  • EOS price is slowly climbing higher and it recently broke the $3.000 resistance against the US Dollar.
  • The price is currently correcting gains, but it remains supported near $3.050 and $3.000.
  • There is a crucial bearish trend line forming with resistance near $3.280 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could rise steadily once there is a clear break above the $3.300 resistance area.

EOS price is trading with a positive bias against the US Dollar and bitcoin. The price is likely to recover towards the $3.450 and $3.650 resistance levels in the near term.

EOS Price Analysis

This past week, there was a downside extension in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. However, the market recovered this week and EOS price started a decent upward move from the $2.850 support area. It surpassed the key $3.000 resistance area. Moreover, there was a close above the $3.080 resistance area and the 55 simple moving average (4-hours).

As a result, there were further gains and the price traded to a new monthly low near $3.313. At the moment, the price is correcting gains below the $3.200 level. Moreover, it traded below the 23.6% Fib retracement level of the recent wave from the $2.850 low to $3.313 high. On the downside, there is a strong support forming near the $3.080 and $3.050 levels.

Additionally, the 50% Fib retracement level of the recent wave from the $2.850 low to $3.313 high is also near the $3.080 level. Therefore, dips towards the $3.080 level remains well supported. If there are further downsides, the price could test the $3.000 support area or the 55 SMA. There is also a connecting bullish trend line forming with support near $3.000 on the 4-hours chart of the EOS/USD pair.

On the upside, there is a key resistance forming near the $3.300 level. Additionally, there is a crucial bearish trend line forming with resistance near $3.280 on the same chart. A successful break above the trend line and $3.300 could set the pace for more gains. The next resistance is near the $3.450 level, above which the price could test the key $3.650 resistance.

EOS Price Analysis Chart

Looking at the chart, EOS price is showing a lot of positive signs above the $3.080 and $3.000 support levels. As long as there is no close below $3.000, there are high chances of more gains above $3.300 and $3.450.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI is currently correcting lower towards the 50 level.

Major Support Levels – $3.080 and $3.000.

Major Resistance Levels – $3.300 and $3.450.

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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