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HomeAltcoin NewsEOS Price Analysis: Signs of Fresh Rally above $5.20

EOS Price Analysis: Signs of Fresh Rally above $5.20

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  • EOS price started a decent recovery from the $4.30 zone against the US Dollar.
  • The price is now trading above $5.00 and the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $4.85 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher if there is a clear break above the $5.10 and $5.20 resistance levels.

EOS price is gaining pace above $5.00 against the US Dollar, similar to bitcoin. The price could rise further as long as it is above the $4.80 level.

EOS Price Analysis

This past week, EOS price saw a major decline from well above the $6.00 resistance zone against the US Dollar. The price declined below the $5.50 support level and the 55 simple moving average (4-hours).

The pair traded as low as $4.28 before it started an upside correction. There was a recovery wave above the$4.50 and $4.60 levels. There was also a break above the 23.6% Fib retracement level of the key decline from the $6.42 high to $4.28 low.

Besides, there was a break above a major contracting triangle with resistance near $4.85 on the 4-hours chart of the EOS/USD pair. The pair is now trading above $5.00 and the 55 simple moving average (4-hours).

It seems to be facing resistance near the $5.10 level. The next major resistance is near the $5.20 level. The main breakout zone could be near $5.35. It is close to the 50% Fib retracement level of the key decline from the $6.42 high to $4.28 low.

To start a fresh increase, the price must settle above the $5.35 level. The next key resistance is near the $5.80 level. On the downside, the first major support is near the $4.80 level and 55 simple moving average (4-hours).

The main support is now forming near the $4.60 zone. If there is a downside break below the $4.60 support, there could be a move towards the $4.20 support.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above $5.00 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if there is a clear break above the $5.10 and $5.20 resistance levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Major Support Levels – $4.80 and $4.60.

Major Resistance Levels – $5.10 and $5.35.

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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