- EOS price is up more than 10% and it broke the $3.000 resistance area against the US Dollar.
- It traded to a new monthly high at $3.123 and it is currently consolidating gains.
- There is a key bullish trend line forming with support near $2.880 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- There are high chances of more upsides above the $3.200 and $3.300 levels in the near term.
EOS price is gaining bullish momentum and it up significantly against the US Dollar, similar to bitcoin. It seems like the bulls are now aiming a test of the $3.500 resistance.
EOS Price Analysis
In the past few sessions, there was a sharp rise in EOS price above the $2.500 pivot level against the US Dollar. The price broke a crucial resistance area at $2.800 to move into a bullish zone.
Besides, there was a close above the $2.800 level and the 55 simple moving average (4-hours). The upward move was such that the price even surpassed the $3.000 resistance. It traded to a new monthly high at $3.123 and it is currently consolidating gains.
An initial support on the downside is near the $3.050 level. The first key support is near the $3.020 level since it is close to the 23.6% Fib retracement level of the recent rally from the $2.692 low to $3.123 high.
On the downside, there is a strong support forming near the $2.900 level. There is also a key bullish trend line forming with support near $2.880 on the 4-hours chart of the EOS/USD pair.
The trend line is close to the 50% Fib retracement level of the recent rally from the $2.692 low to $3.123 high. Below the trend line, EOS price could test the $2.800 support area (the recent breakout zone).
On the upside, an initial resistance is near the $3.120 and $3.150 levels. The first key resistance is near the $3.200 level, above which the bulls are likely to clear the $3.300 level. The next key resistance for the bulls might be near the $3.500 level.
Looking at the chart, EOS price is currently trading in a crucial bullish trend above the $2.900 and $2.800 support levels. As long as there is no close below $2.800, the price is likely to continue higher towards $3.500.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now close to the overbought levels.
Major Support Levels – $2.900 and $2.800.
Major Resistance Levels – $3.200 and $3.500.