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HomeAltcoin NewsEOS Price Looks Set To Start Fresh Increase To $6.00

EOS Price Looks Set To Start Fresh Increase To $6.00

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  • 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.

EOS Price Analysis Chart

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.

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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