EOS Price Analysis: Bulls Facing Uphill Task Near $5

EOS price is showing positive signs above $4.20 against the US Dollar, similar to bitcoin. The price could rise further if it manages to clear the $4.80 resistance.

EOS Price Analysis

This past week, EOS price started a steady increase above the $4.00 resistance zone against the US Dollar. The price formed a base above $3.80 and it was able to settle above the 55 simple moving average (4-hours).

There was a break above a key bearish trend line with resistance near $3.98 on the 4-hours chart of the EOS/USD pair. The pair gained pace above the $4.20 resistance level. It surpassed the 50% Fib retracement level of the main decline from the $5.50 high to $3.64 low.

It is now trading above $4.20 and the 55 simple moving average (4-hours). An immediate resistance is near the $4.80 level. The stated resistance is close to the 61.8% Fib retracement level of the main decline from the $5.50 high to $3.64 low.

The first key resistance is near the $5.00 level. A close above the $5.00 level could open the doors for a steady increase. In the stated case, the price could rise towards the $5.50 level. The next key resistance is near the $6.00 level.

On the downside, the first major support is near the $4.50 level. The main support is now forming near the $4.20 zone and the 55 simple moving average (4-hours). If there is a downside break below the $4.20 support, there could be a move towards the $3.80 support.

EOS Price

Looking at the chart, EOS price is now trading above $4.20 and the 55 simple moving average (4-hours). Overall, the price could continue higher if it clears the $4.80 and $5.00 resistance levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Major Support Levels – $4.20 and $3.80.

Major Resistance Levels – $4.80 and $5.00.

Source: Read Full Article