EOS price showing positive signs above $4.500 against the US Dollar, similar to bitcoin. The price could gain bullish momentum once it settles above the $5.000 resistance.
EOS Price Analysis
After a break above the $5.000 resistance, EOS price started a strong increase against the US Dollar. It broke the $5.200 resistance and traded to a new yearly high at $5.605.
Later, there was a sharp downside correction below the $5.000 support. The price even spiked below the $4.500 level, but it remains well bid above $4.000. A low is formed near $4.065 and the price is currently rising. There was a break above the $4.200 and $4.500 resistance levels.
The price cleared the 50% Fib retracement level of the downward move from the $5.605 high to $4.065 low. It is now trading well above $4.500 and the 55 simple moving average (4-hours). There is also a major bullish trend line forming with support near $4.700 on the 4-hours chart of the EOS/USD pair.
An immediate resistance is near the $5.000 zone. It is close to the 61.8% Fib retracement level of the downward move from the $5.605 high to $4.065 low.
A clear break above the $5.000 and $5.050 resistance levels will most likely set the pace for a push towards the $5.600 level. Any more gains might lead the price towards the $6.000 level. Conversely, there could be another downside correction towards the trend line support at $4.700.
The 55 simple moving average (4-hours) is also near $4.600 to act as a strong support. Any more losses could lead the price towards the $4.420 support zone.
Looking at the chart, EOS price is clearly trading nicely above $4.500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $5.000 and $5.200 resistance levels.
4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is well above the 50 level.
Major Support Levels – $4.700 and $4.500.
Major Resistance Levels – $5.000 and $5.500.
Source: Read Full Article