- EOS price corrected lower and tested the $5.05-5.07 support area against the US Dollar.
- The price is slowly moving higher and it could accelerate if there is an upside break above $5.70.
- There is a key ascending channel forming with support at $5.40 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
- The pair remains supported on dips near the $5.40 and $5.35 levels in the near term.
EOS price is following a nice bullish path above $5.40 against the US Dollar. The price is likely to continue higher if bulls manage to surpass the $5.60 and $5.70 hurdles.
EOS Price Analysis
Today, there were decent gains in bitcoin, Ethereum, ripple, litecoin and EOS price against the US Dollar. Earlier, EOS corrected lower from the $6.116 high and declined below the $5.82 and $5.45 support levels. There was even a break below the $5.25 level and the 55 simple moving average (4-hours). The price traded as low as $5.073 and later started a decent recovery. It climbed above the $5.30 level, and the 23.6% Fib retracement level of the last drop from the $6.116 high to $5.073 low.
Moreover, there was a close above the $5.40 level and the 55 simple moving average (4-hours). However, the recent recovery was capped by the $5.60 resistance. Besides, the 50% Fib retracement level of the last drop from the $6.116 high to $5.073 low also acted as a resistance. At the moment, there is a key ascending channel forming with support at $5.40 on the 4-hours chart of the EOS/USD pair. If the pair dips from the current levels, the channel support near $5.40 may act as a buy zone.
On the upside, an immediate resistance is near the $5.60 level. If there is a convincing break above the $5.60 resistance, the price is likely to accelerate above the $5.70 and $5.75 resistance levels. The next resistance is at $5.870, and the 76.4% Fib retracement level of the last drop from the $6.116 high to $5.073 low. Above $5.870 and $5.900, the price is likely to clear the $6.00 and $6.10 resistance levels.
Looking at the chart, EOS price is placed nicely above the $5.40 and it may continue to rise towards $5.70. However, a proper close above $5.70 is needed for a strong rise towards the $6.00 level. On the downside, a break below the $5.40 support might push the price towards the $5.05 support area.
Technical indicators
Hourly MACD – The MACD for EOS/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently just above the 50 level, with a minor bearish angle.
Major Support Levels – $5.40 and $5.30.
Major Resistance Levels – $5.70 and $5.87.
