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HomeAltcoin NewsEOS Price Analysis: Signs of Recovery Above $1.05

EOS Price Analysis: Signs of Recovery Above $1.05

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  • EOS price is trading in a bearish zone above the $0.98 support against the US Dollar.
  • The price is now trading below $1.05 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $1.015 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a recovery wave if it clears the $1.05 and $1.08 resistance levels.

EOS price is struggling below $1.08 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $1.050.

EOS Price Analysis

In the past few days, EOS price range moves below the $1.12 resistance against the US Dollar. The price remained stable above the $0.98 and $1.00 support levels.

A low is formed near $0.9747 and the price is now attempting an upside correction. There was a move above the $1.015 and $1.02 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $1.015 on the 4-hour chart of the EOS/USD pair.

The price is now trading below $1.05 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $1.03 level and the 55 simple moving average (4 hours).

The first major resistance is near the $1.05 level or the 23.6% Fib retracement level of the downward move from the $1.298 swing high to the $0.8747 low, above which the price might test the $1.08 level. Any more gains might send the price towards the $1.12 level.

The next resistance might be $1.135 or the 50% Fib retracement level of the downward move from the $1.298 swing high to the $0.8747 low. On the downside, immediate support is near the $1.00 level.

The next key support is near the $0.98 level. If there is a downside break below the $0.980 support, the price could test the $0.95 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $1.05 level and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if it clears the $1.05 and $1.08 resistance levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.

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

Major Support Levels – $1.00 and $0.98.

Major Resistance Levels – $1.05 and $1.08.

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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