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HomeAltcoin NewsEOS Price Analysis: Signs of Recovery Toward $1.0

EOS Price Analysis: Signs of Recovery Toward $1.0

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  • EOS price is trading in a bearish zone below the $0.95 support against the US Dollar.
  • The price is now trading above $0.88 and the 55 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $0.87 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 $0.935 and $0.962 resistance levels.

EOS price is struggling below $1.00 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.935.

EOS Price Analysis

In the past few days, EOS price range moves below the $0.95 resistance against the US Dollar. The price remained stable above the $0.835 and $0.84 support levels.

A low is formed near $0.8362 and the price is now attempting an upside correction. There was a move above the $0.865 and $0.88 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $0.87 on the 4-hour chart of the EOS/USD pair.

The price is now trading above $0.88 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.935 level or the 50% Fib retracement level of the downward move from the $1.034 swing high to the $0.8362 low.

The next major resistance is near the $0.962 level or the 61.8% Fib retracement level of the downward move from the $1.034 swing high to the $0.8362 low, above which the price might test the $0.98 level. Any more gains might send the price toward the $1.00 level.

On the downside, immediate support is near the $0.88 level or the 55 simple moving average (4 hours). The next key support is near the $0.85 level. If there is a downside break below the $0.850 support, the price could test the $0.82 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading above the $0.88 level and the 55 simple moving average (4 hours). Overall, the price could start a recovery wave if it clears the $0.935 and $0.962 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 – $0.88 and $0.85.

Major Resistance Levels – $0.935 and $0.962.

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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