EOS Price Analysis: Why EOS Could Rally 10% To $0.80

Session snapshot for 8 February 2024. This is a dated market note, not a reprint of earlier analyses that used the same headline.

• EOS price is eyeing a fresh increase from the $0.678 support against the US Dollar.
• The price is now trading above $0.700 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $0.700 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to rise if it clears the $0.730 and $0.736 resistance levels.

EOS price is recovering above $0.700 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.736 resistance.

EOS Price Analysis

In the past few sessions, EOS price started a decent increase from the $0.6750 support against the US Dollar. The price was able to clear the $0.695 and $0.700 resistance levels.

The pair even spiked above the 50% Fib retracement level of the downward move from the $0.7936 swing high to the $0.6427 low. Besides, there was a break above a key bearish trend line with resistance near $0.700 on the 4-hour chart of the EOS/USD pair.

The price is now consolidating above $0.700 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.730 level.

The next major resistance is near the $0.736 level or the 61.8% Fib retracement level of the downward move from the $0.7936 swing high to the $0.6427 low, above which the price might test the $0.765 level. Any more gains might send the price toward the $0.800 level. The next major hurdle sits at $0.820.

On the downside, immediate support is near the $0.710 level. The next key support is near the $0.700 level. If there is a downside break below the $0.700 support, the price could test the $0.678 support in the near term.

Looking at the chart, EOS price is now trading above the $0.700 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $0.730 and $0.736 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 – $0.710 and $0.700.

Major Resistance Levels – $0.736 and $0.800.