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HomeAltcoin NewsEOS Price Analysis: Rally Could Extend By 20%

EOS Price Analysis: Rally Could Extend By 20%

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  • EOS price started a fresh increase from the $0.525 support against the US Dollar.
  • The price is now trading above $0.580 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.594 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to move up if it clears the $0.6150 and $0.625 resistance levels.

EOS price is rising above $0.580 against the US Dollar, like Bitcoin. The price could resume its increase if it clears the $0.615 and $0.625 resistance levels.

EOS Price Analysis

This past week, EOS price found support near the $0.525 support against the US Dollar. The price formed a base and started a fresh increase above the $0.550 level.

The price gained pace and climbed above the $0.565 and $0.585 resistance levels. A high was formed near $0.6155 and the price is now consolidating gains. It is showing positive signs above the 23.6% Fib retracement level of the upward move from the $0.5244 swing low to the $0.6155 high.

EOS is now trading above $0.580 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.594 on the 4-hour chart of the EOS/USD pair.

Immediate resistance is near the $0.615 level. The first major resistance is near the $0.625 zone. The main resistance is now near $0.650, above which the price could rise steadily. In the stated case, it could rise toward the $0.75 level.

Any more gains might send the price toward the $0.80 level. On the downside, immediate support is near $0.594 and the trend line. The next key support is near $0.58.

If there is a downside break below the $0.580 support, the price could revisit the $0.570 support or the 50% Fib retracement level of the upward move from the $0.5244 swing low to the $0.6155 high. If there is a downside break, the price could decline toward $0.560.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $0.580 level and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it clears the $0.615 and $0.625 resistance 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 – $0.594 and $0.580

Major Resistance Levels – $0.615 and $0.625.

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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