EOS price is currently gaining bullish momentum towards $2.500 against the US Dollar, similar to bitcoin. If the bulls remain in action, the price could test the $2.800 area.
EOS Price Analysis
After a couple of failed attempts near the $3.400 resistance, EOS price corrected lower against the US Dollar. The price traded below the $2.300 level and the 55 simple moving average (4-hours).
However, the $2.080 area remained strong and protected more downsides. As a result, the price started a fresh increase above the $2.100 and $2.200 levels. It also climbed back above $2.225 and the 55 simple moving average (4-hours).
Moreover, there was a break above major bearish trend line with resistance near $2.230 on the 4-hours chart of the EOS/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $2.373 high to $2.091 low.
It is now facing hurdles near the $2.300 level. The 76.4% Fib retracement level of the downward move from the $2.373 high to $2.091 low is also acting as a resistance.
Therefore, a clear break above the $2.300 level might lead the price towards the key $2.400 resistance area. If the bulls succeed in clearing the $2.400 resistance, EOS could rise steadily towards the $2.500 and $2.600 levels. Any further gains may perhaps lead it towards the $2.800 level.
Conversely, the price might struggle to continue above the $2.400 resistance area. In the mentioned case, an initial support is near the $2.225 level. The first key support is near the $2.200 level, below which there is a risk of an extended decline towards the $2.080 support zone.
Looking at the chart, EOS price is currently gaining traction above $2.225 and it is likely to surpass the $2.300 and $2.400 resistance levels. If it fails, the bears are likely to aim a retest of $2.080.
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 – $2.220 and $2.080.
Major Resistance Levels – $2.400 and $2.500.
Source: Read Full Article