EOS Price Analysis: Dips Could Find Strong Bids For Fresh Rally
EOS price is back in a bullish zone above $2.800 against the US Dollar, similar to bitcoin. The price is currently correcting gains, but the bulls are likely to protect $2.800.
EOS Price Analysis
EOS price started a steady increase above the $2.500 and $2.600 resistance levels against the US Dollar. As a result, the price gained bullish momentum and climbed above the $2.800 and $3.000 resistance levels.
There was also a close above the $3.000 level and the 55 simple moving average (4-hours). The price traded to a new monthly high at $3.147 and it is currently correcting lower. There was a break below the $3.100 level and the price is now testing the $3.000 level.
There was a break below the 23.6% Fib retracement level of the recent rally from the $2.644 swing low to $3.147 high. Moreover, there was a break below a short-term contracting triangle with support near $3.020 on the 4-hours chart of the EOS/USD pair.
On the downside, there are many supports near the $2.950 and $2.900 levels. The 50% Fib retracement level of the recent rally from the $2.644 swing low to $3.147 high is also near the $2.896 level.
The previous breakout zone near the $2.900 and $2.850 levels could act as a strong support. There is also a key bullish trend line forming with support near $2.850 on the same chart. If the price breaks the trend line support, it could dive towards the $2.550 support zone.
Conversely, the price might continue to move higher above the $3.050 and $3.100 levels. The first major hurdle is near the $3.150 level, above which the price might rise towards the $3.350 resistance.
Looking at the chart, EOS price is clearly following a nice uptrend above the $2.950 and $2.850 support levels. Therefore, there are high chances of a fresh increase above $3.100 unless there is a clear break below $2.800.
4-hours MACD – The MACD for EOS/USD is slowly moving into the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is still well above the 50 level.
Major Support Levels – $2.950 and $2.850.
Major Resistance Levels – $3.050 and $3.150.
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