- EOS started a fresh increase above the $4.20 resistance against the US Dollar.
- The price is now trading above the $4.50 support and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $4.60 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to continue higher if it breaks the $5.10 and $5.25 resistance levels in the near term.
EOS price is showing positive signs above $4.60 against the US Dollar, similar to bitcoin. The price must clear $5.25 for more gains.
EOS Price Analysis
This week, EOS price saw a decent increase above the $4.20 resistance zone against the US Dollar. The price broke the $4.50 resistance level and the 55 simple moving average (4-hours) to move into a positive zone.
The price even spiked above the $5.00 level, but there was no upside continuation. A high is formed near $5.08 and the price is now consolidating gains. An initial support on the downside is near the $4.92 level. It is near the 23.6% Fib retracement level of the recent increase from the $4.41 swing low to $5.08 high.
The first major support is near the $4.75 zone. It coincides with the 50% Fib retracement level of the recent increase from the $4.41 swing low to $5.08 high.
There is also a major bullish trend line forming with support near $4.60 on the 4-hours chart of the EOS/USD pair. If there is a downside break below the trend line support, there could be a move towards the $4.40 support or the 55 simple moving average (4-hours).
On the upside, an initial resistance is near the $5.10 level. The next key resistance is near the $5.25 level, above which the price might rise towards the $5.50 level. Any more gains could lead the price towards the $6.00 level in the coming days.
Looking at the chart, EOS price is now trading above $4.50 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it breaks the $5.10 and $5.25 resistance levels in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above to the 50 level.
Major Support Levels – $4.75 and $4.60.
Major Resistance Levels – $5.10 and $5.25.
