- EOS price found a strong support near the $3.20 level and later rebounded against the US Dollar.
- There was a solid upward move above the $3.50 and $3.60 resistance levels.
- A key bearish trend line was breached with resistance at $3.72 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
- The pair is placed nicely above the $3.80 support and it could continue higher towards the $4.20 level.
EOS price is back in an uptrend above $3.60 against the US Dollar. It seems like buyers are aiming for an upside break above the $4.00 and $4.20 resistance levels.
EOS Price Analysis
Finally, there was a strong comeback in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price declined sharply below the $3.50 support and the 55 simple moving average (4-hours) However, the price found a strong support near the $3.20 level and later started a decent rebound. It broke the $3.40 and $3.50 resistance levels. More importantly, there was a close above $3.60 and the 55 simple moving average (4-hours).
Finally, a key bearish trend line was breached with resistance at $3.72 on the 4-hours chart of the EOS/USD pair. The pair climbed above the 50% Fib retracement level of the last decline from the $4.52 high to $3.19 low. The recent drift was solid, but the price faced a strong resistance near the $4.00 level. Besides, there was no break above the 61.8% Fib retracement level of the last decline from the $4.52 high to $3.19 low. The price is currently following a short term ascending channel with support at $3.80 on the same chart.
Should EOS price break the $3.80 support level, it could test the next important support near the $3.70 level. The main support is near the $3.60 level and the 55 simple moving average (4-hours). On the upside, if there is a break above the $4.00 resistance, the price could extend gains towards $4.20. It represents the 76.4% Fib retracement level of the last decline from the $4.52 high to $3.19 low.
Looking at the chart, EOS price is clearly trading in a positive zone above the $3.80 and $3.60 support levels. It is likely to climb above the $4.00 resistance as long as there is no close below $4.60. Should buyers gain momentum above $4.20, the price could revisit the $4.45 and $4.50 resistance levels.
Technical indicators
Hourly MACD – The MACD for EOS/USD moved nicely into the bullish zone, with a positive bias.
Hourly RSI (Relative Strength Index) – The RSI climbed higher towards the 70 level and it is currently correcting lower.
Major Support Levels – $3.80 and $3.60.
Major Resistance Levels – $4.00 and $4.20.
