HomeAltcoin NewsEOS Price Analysis: Trading Near Make-or-Break Levels

EOS Price Analysis: Trading Near Make-or-Break Levels

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  • EOS price surged above the $2.700 and $2.850 resistance levels against the US Dollar.
  • The price is currently correcting lower from the $2.976 swing high.
  • There is a key contracting triangle forming with support near $2.720 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair is likely to bounce back as long as it is above the $2.600 support area.

EOS price is correcting gains from the $3.000 hurdle against the US Dollar, just like bitcoin. However, the bulls are likely to protect downsides below the $2.600 support.

EOS Price Analysis

This week, there was a strong rise in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. EOS price climbed above the $2.700 and $2.850 resistance levels.

Finally, the price traded close to the $3.000 resistance area and a high was formed near $2.976. Recently, the price started a downside correction below the $2.850 and $2.750 levels.

Furthermore, there was a break below the 23.6% Fib retracement level of the rally from the $2.411 low to $2.976 high. At the moment, the price is finding support near the $2.700 area.

More importantly, there is a key contracting triangle forming with support near $2.720 on the 4-hours chart of the EOS/USD pair. The 50% Fib retracement level of the rally from the $2.411 low to $2.976 high is also near the $2.700 support area.

Besides, the 55 simple moving average (4-hours) is waiting near the $2.680 level to provide support. The next key support is near the $2.600 level or the 61.8% Fib retracement level of the rally from the $2.411 low to $2.976 high.

If the price fails to stay above the $2.700 and $2.600 support levels, there is a risk of a downside extension below the $2.500 support. In the mentioned case, EOS could revisit the $2.200 support area.

Conversely, the price is likely to bounce back from $2.700 or $2.680. An initial resistance is near the $2.850 level, above which the price is likely to revisit the $3.000 resistance area. A clear break above $3.000 might call for an increase to $3.400.

EOS Price Analysis

Looking at the chart, EOS price is trading above a couple of important supports near $2.700 and $2.600. Therefore, it could start a fresh increase above $2.850 unless there is a clear break below $2.600.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is currently just below the 50 level.

Major Support Levels – $2.700 and $2.600.

Major Resistance Levels – $2.850 and $3.000.

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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