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

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

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  • 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.

EOS Price
EOS Price

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.

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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