- EOS price remained in an uptrend above the $5.00 and $5.50 support levels against the US Dollar.
- The price even traded above the $6.00 resistance and recently corrected lower.
- There is a crucial bullish trend line formed with support at $5.50 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
- The pair must stay above the $5.50 level to bounce back towards $6.00 or even $6.20.
EOS price gained bullish momentum recently above $5.80 before correcting lower against the US Dollar. The price is currently trading near the key $5.50 support area and it could bounce back.
EOS Price Analysis
Earlier this week, there was an upside extension in bitcoin, Ethereum, ripple, litecoin and EOS price against the US Dollar. There was a slow and steady rise above the $5.40 and $5.50 resistance levels. There was even a close above the $5.50 level and the 55 simple moving average (4-hours). The price extended gains above the $5.80 resistance and spiked above the $6.00 barrier. A new 2019 high was formed at $6.116 and recently the price started a downside correction.
It declined sharply below the $6.00 and $5.80 levels. There was even a spike below the $5.50 support before buyers appeared near the $5.30 level. The price recovered sharply and it is currently trading above the $5.50 level. It broke the 23.6% Fib retracement level of the recent drop from the $6.116 high to $5.307 low. More importantly, there is a crucial bullish trend line formed with support at $5.50 on the 4-hours chart of the EOS/USD pair.
On the upside, an immediate resistance is near the $5.70 level. It coincides with the 50% Fib retracement level of the recent drop from the $6.116 high to $5.307 low. The main resistance is near the $5.80 level, above which the price is likely to resume its upward move. Alternatively, if there is a downside break below the $5.50 support, the price could extend its decline in the near term. The next key support is at $5.30, below which the price is likely to test the $5.10 support area.
Looking at the chart, EOS price is clearly trading near a crucial support area at $5.50. It will most likely bounce back above $5.70 and $5.80. The key resistance is at USD 6.00, above which there are chances of a fresh 2019 high in the near term.
Hourly MACD – The MACD for EOS/USD is currently reducing its bearish slope, with a positive bias.
Hourly RSI (Relative Strength Index) – The RSI is currently just below the 50 level, with a minor bullish angle.
Major Support Levels – $5.50 and $5.30.
Major Resistance Levels – $5.70 and $5.80.