EOS Price Analysis: Key Upside Break Could Trigger Rally
- EOS price rallied and was able to clear the $1.10 resistance against the US Dollar.
- The price is now trading above $1.10 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1.080 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move up if it clears the $1.15 and $1.18 resistance levels.
EOS price is rising above $1.10 against the US Dollar, similar to bitcoin. The price could resume its increase if it clears the $1.15 and $1.18 resistance levels.
EOS Price Analysis
This week, EOS price started a fresh increase from the $1.00 zone against the US Dollar. The price gained pace and was able to clear the $1.05 resistance zone.
The price broke the $1.10 resistance zone and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1.12 level. However, the bears appeared near the $1.15 level. A high is formed near $1.152 and the price is now consolidating gains.
On the upside, an immediate resistance is near the $1.15 level. The first major resistance is near the $1.18 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.25 level. Any more gains might send the price towards the $1.35 level.
On the downside, an immediate support is near the $1.115. It is near the 23.6% Fib retracement level of the upward move from the $0.9922 swing low to $1.521 high.
The next key support is near the $1.080. It is close to the 50% Fib retracement level of the upward move from the $0.9922 swing low to $1.521 high. There is also a key bullish trend line forming with support near $1.080 on the 4-hours chart of the EOS/USD pair.
If there is a downside break below the $1.08 support, the price could revisit the $1.00 support. In the stated case, the price might even test $0.95.
EOS Price
Looking at the chart, EOS price is now trading above the $1.10 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $1.15 and $1.18 resistance levels.
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 – $1.115 and $1.080.
Major Resistance Levels – $1.150 and $1.18.
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