EOS Price Analysis: Upside Break, Bulls Eyeing Fresh Recovery | Live Bitcoin

• EOS gained pace from the $2.575 support and climbed higher against the US Dollar.
• The price is trading above the $2.70 resistance and testing the 55 simple moving average (4-hours).
• There was a break above a key bearish trend line with resistance near $2.700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to rise if there is a clear break above the $2.800 resistance zone.

EOS price is showing a few positive signs against the US Dollar, similar to bitcoin. The price is likely to start a strong increase if there is a break above the $2.800 and $2.900 levels.

EOS Price Analysis

EOS price formed a strong support base above the $2.575 and $2.500 levels against the US Dollar. There was a decent increase above the $2.650 and $2.700 resistance levels, and the price is now showing positive signs.

There was also a break above the 50% Fib retracement level of the recent decline from the $2.832 high to $2.575 low. Moreover, there was a break above a key bearish trend line with resistance near $2.700 on the 4-hours chart of the EOS/USD pair

The pair is now trading above the $2.70 resistance and testing the 55 simple moving average (4-hours). It seems like the 55 SMA and the 76.4% Fib retracement level of the recent decline from the $2.832 high to $2.575 low are currently acting as hurdles.

The next major resistance is near the $2.800 level, above which EOS price is likely to start a strong increase. In the stated case, the bulls are likely to aim a clear break above the $2.900 and $3.000 resistance levels in the near term.

Conversely, the price might fail to continue above the $2.800 and $2.900 resistance levels. An initial support on the downside is near the broken trend line at $2.700 level. The first key support is near the $2.665 level, below which the price may perhaps revisit the $2.550 support zone. Any further losses might lead the price towards the $2.400 level.

EOS Price

Looking at the chart, EOS price is clearly attempting an upside break above $2.750 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear break above the $2.800 resistance zone.

Technical indicators

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

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

Major Support Levels – $2.700 and $2.550.

Major Resistance Levels – $2.800 and $2.900.

Tags: EOS