- EOS price is attempting another increase from the $0.638 support against the US Dollar.
- The price is now trading below $0.700 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.708 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it climbs above the $0.685 and $0.700 resistance levels.
EOS price is recovering above $0.660 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.700 resistance.
EOS Price Analysis
In the past few days, EOS price made a couple of attempts to clear the $0.750 resistance against the US Dollar. The price failed to extend gains and reacted to the downside.
There was a move below the $0.720 and $0.700 levels. It even spiked below $0.650. A low was formed near $0.6377 and the price is now recovering higher. There was a move above the $0.660 level. The price cleared the 23.6% Fib retracement level of the downward move from the $0.7304 swing high to the $0.6377 low.
EOS is now trading below $0.700 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.708 on the 4-hour chart of the EOS/USD pair.
On the upside, immediate resistance is near the $0.685 level. It is near the 50% Fib retracement level of the downward move from the $0.7304 swing high to the $0.6377 low. The next major resistance is near the $0.700 level or the trend line, above which the price might test the $0.735 level.
Any more gains might send the price toward the $0.750 level. The next major hurdle sits at $0.780. On the downside, immediate support is near the $0.658 level.
The next key support is near the $0.635 level. If there is a downside break below the $0.635 support, the price could test the $0.6120 support in the near term.
Looking at the chart, EOS price is now trading below the $0.700 level and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it climbs above the $0.685 and $0.700 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 below the 50 level.
Major Support Levels – $0.658 and $0.635.
Major Resistance Levels – $0.685 and $0.700.
