- EOS tested the $ 4.50 and $ 4.60 support levels against the US dollar.
- The price is currently trading well above the $ 5.50 zone and the 55 (4 hour) simple moving average.
- On the 4-hour chart of the EOS / USD pair (data feed from Coinbase) there was a break above a major bearish trendline with resistance near USD 5.80.
- The pair could see a sharp rise if there is a significant break above the $ 6.00 and $ 6.10 resistance levels.
The EOS price signals a positive move above the $ 5.50 zone against the US dollar, similar to Bitcoin. The price could go higher when it settles down $ 6.00 and $ 6.10.
EOS price analysis
After a steady decline, EOS price found support near the $ 4.45 zone against the US dollar. The bears made two attempts to clear the $ 4.45 zone, but they failed.
A swing low was formed near $ 4.465 before the price started a decent spike. The price crossed the $ 4.80 and $ 5.00 resistance levels. There was also a break above a major bearish trendline with resistance near USD 5.80 on the 4-hour chart for the EOS / USD pair.
The pair is currently trading well above the $ 5.50 zone and the simple moving average of 55 (4 hours). It is also trading above the 50% fib retracement level of the recent decline from the $ 6.815 swing high to the $ 4.465 low.
Immediate resistance is near the $ 6.00 and $ 6.10 levels. The 76.4% fib retracement level of the recent decline from the high of $ 6.815 to the low of $ 4.465 is also close to the $ 6.25 level to act as a hurdle. A sharp break above the $ 6.00 and $ 6.10 levels could set the pace for a sharp move higher.
The next major resistance is near the $ 6.80 level. A successful close above the $ 6.80 level could move the price towards the $ 8.00 and $ 8.20 levels. Conversely, the USD 6.00 price could correct lower. Initial support is near the USD 5.60 level. Further losses could push the price towards the USD 5.00 support zone.
If you look at the chart, EOS price is trading well above $ 5.50 and the simple moving average of 55 (4 hours). Overall, the price could rise sharply if the $ 6.00 and $ 6.10 resistance levels are significantly exceeded.
4 Hour MACD – The EOS / USD MACD is showing positive signs in the bullish zone.
4 Hour Relative Strength Index (RSI) – The RSI is now above the 50 level.
Major Support Levels – $ 5.50 and $ 5.00.
Main Resistance Levels – $ 6.10 and $ 6.50.