- EOS price started a fresh increase above the $0.60 resistance against the US Dollar.
- The price is now trading above $0.612 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.6295 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move up if it clears the $0.6600 and $0.6720 resistance levels.
EOS price is rising above $0.6200 against the US Dollar, like Bitcoin. The price could resume its increase if it clears the $0.6600 and $0.6720 resistance levels.
EOS Price Analysis
This past week, EOS price started a decent increase above the $0.565 resistance against the US Dollar. The price formed a base and gained momentum above the $0.580 level.
The price was able to clear the $0.605 and $0.620 resistance levels. A high is formed near $0.6616 and the price is now consolidating gains. It is showing positive signs above the 23.6% Fib retracement level of the upward move from the $0.5245 swing low to the $0.6616 high.
EOS is now trading above $0.620 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.6295 on the 4-hour chart of the EOS/USD pair.
Immediate resistance is near the $0.6600 level. The first major resistance is near the $0.6720 zone. The main resistance is now near $0.680, above which the price could rise steadily. In the stated case, it could rise toward the $0.70 level.
Any more gains might send the price toward the $0.7250 level. On the downside, immediate support is near $0.6300 and the trend line. The next key support is near $0.6150.
If there is a downside break below the $0.6150 support, the price could revisit the $0.600 support or the 50% Fib retracement level of the upward move from the $0.5245 swing low to the $0.6616 high. Any more losses might send the price toward $0.580.
Looking at the chart, EOS price is now trading above the $0.620 level and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it clears the $0.660 and $0.672 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 – $0.630 and $0.600
Major Resistance Levels – $0.660 and $0.672.