- EOS price is eyeing a fresh increase from the $0.525 support against the US Dollar.
- The price is now trading above $0.56 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.5740 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to rise toward the $0.62 and $0.64 resistance levels.
EOS price is recovering above $0.56 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.60 resistance.
EOS Price Analysis
In the past few sessions, EOS price started a decent increase from the $0.5260 support against the US Dollar. The price was able to clear the $0.580 and $0.585 resistance levels.
The pair even climbed above the 50% Fib retracement level of the downward move from the $0.6434 swing high to the $0.5269 low. The price is now following a bullish path. It is trading above $0.56 and the 55 simple moving average (4 hours).
There is also a key bullish trend line forming with support near $0.5740 on the 4-hour chart of the EOS/USD pair. On the upside, immediate resistance is near the $0.600 level.
The 61.8% Fib retracement level of the downward move from the $0.6434 swing high to the $0.5269 low is also near the $0.600 zone. The next major resistance is near the $0.620 level, above which the price might test the $0.64 level. Any more gains might send the price toward the $0.65 level. The next major hurdle sits at $0.665.
On the downside, immediate support is near the $0.575 level and the trend line. The next key support is near the $0.560 level or the 55 simple moving average (4 hours). If there is a downside break below the $0.560 support, the price could test the $0.525 support in the near term.
Looking at the chart, EOS price is now trading above the $0.565 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $0.62 and $0.64 resistance levels in the near term.
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 – $0.574 and $0.560.
Major Resistance Levels – $0.60 and $0.64.
