HomeAltcoin NewsEOS Price Analysis: Recovery Possible If It Clears This Resistance

EOS Price Analysis: Recovery Possible If It Clears This Resistance

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  • EOS price is facing resistance near the $1.0 zone against the US Dollar.
  • The price is now trading above $0.92 and the 55 simple moving average (4-hours).
  • There was a break above a connecting bearish trend line with resistance near $0.930 the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could rise further if it clears the $0.99 and $1.00 resistance levels.

EOS price is struggling below $1.00 against the US Dollar, similar to bitcoin. The price might attempt to rise if there is a clear move above $1.00.

EOS Price Analysis

Earlier this month, EOS price saw a major drop below the $0.950 support zone against the US Dollar. The price traded below the $0.92 and $0.90 levels to enter a bearish zone.

The pair accelerated lower below the $0.85 support zone and settled well below the 55 simple moving average (4-hours). It traded as low as $0.7900 and recently started a steady recovery wave. There was a clear move above the $0.900 resistance zone.

The price broke the 23.6% Fib retracement level of the main decline from the $1.2178 swing high to $0.7901 low. Besides, there was a break above a connecting bearish trend line with resistance near $0.930 the 4-hours chart of the EOS/USD pair.

The price is now trading above $0.92 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.952 level.

The first major resistance is near the $1.00 level. It is near the 50% Fib retracement level of the main decline from the $1.2178 swing high to $0.7901 low, above which the price might test the $1.110 level. Any more gains might send the price towards the $1.15 level.

On the downside, an immediate support is near the $0.920. The next key support is near the $0.900 level. If there is a downside break below the $0.900 support, the price could test the $0.85 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $0.92 level and the 55 simple moving average (4-hours). Overall, the price could rise further if it clears the $0.99 and $1.00 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 – $0.92 and $0.90.

Major Resistance Levels – $0.980 and $1.00.

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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