HomeAltcoin NewsEOS Price Analysis: Technicals Suggest Fresh Increase Above $5.5

EOS Price Analysis: Technicals Suggest Fresh Increase Above $5.5

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  • EOS seems to be forming a decent support base above the $4.50 level against the US Dollar.
  • The price is currently testing the $5.05 zone and the 55 simple moving average (4-hours).
  • There was a break above a major declining channel with resistance near $5.05 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to start a steady increase above the $5.25 and $5.50 resistance levels.

EOS price is forming a base for a move above $5.50 against the US Dollar, similar to bitcoin. The price must clear $5.50 to move into a positive zone.

EOS Price Analysis

In the past few days, EOS price saw a major decline from well above $7.00 against the US Dollar. The price traded below many supports near $6.50 to move into a bearish zone.

There was also a break below the $5.00 support level and the 55 simple moving average (4-hours). The price traded as low as $4.50 and it is currently consolidating in a range. Recently, there was a minor upside correction above the $5.00 level.

The price seems be forming a decent support base above the $4.50 level. There was also a break above a major declining channel with resistance near $5.05 on the 4-hours chart of the EOS/USD pair.

The pair is currently testing the $5.05 zone and the 55 simple moving average (4-hours). It even tested the 23.6% Fib retracement level of the key drop from the $7.70 high to $4.50 low. However, it is still struggling to gain pace above the $5.05 and $5.10 levels.

The first major resistance is near the $5.50 level. Any more gains could open the doors for a move towards the $6.00 level. The 50% Fib retracement level of the key drop from the $7.70 high to $4.50 low is the next resistance at $6.12.

A clear break above the $6.00 and $6.12 resistance levels could open the doors for a move towards the $8.00 level. On the downside, an initial support is near the $5.00 level. The next major support is near the $4.50 level. Any more losses might call for a move towards the $4.00 level.

EOS Price
EOS Price

Looking at the chart, EOS price is currently trading just above $5.00 and testing the 55 simple moving average (4-hours). Overall, the price is likely to start a steady increase above the $5.25 and $5.50 resistance levels.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is slowly moving higher towards the 50 level.

Major Support Levels – $5.00 and $4.50.

Major Resistance Levels – $5.50 and $6.00.

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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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