EOS Price Analysis: Break Above $7.75 Holds The Key
EOS price is showing a few positive signs above $6.00 against the US Dollar, similar to bitcoin. The price must clear $7.75 to move into a positive zone.
EOS Price Analysis
After a major decline, EOS price found support near the $3.80 zone against the US Dollar. The price started a steady recovery wave above the $4.50 and $5.00 resistance levels.
The pair even spiked above $6.50 level and the 55 simple moving average (4-hours). There was also break above a major bearish trend line with resistance near $6.30 on the 4-hours chart of the EOS/USD pair. The pair is now trading just above $6.00 and the 55 simple moving average (4-hours).
The last swing high was formed near $7.72 before there was a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from the $3.70 low to $7.72 high.
The bulls are now protecting the $6.00 support. The price is also stable above the 50% Fib retracement level of the upward move from the $3.70 low to $7.72 high. If there is a fresh increase, the bulls need to gain strength above the $7.00 level.
The main hurdle is near the $7.75 level. If there is an upside break above the $7.75 zone, the price could start a fresh surge towards the $10.00 level.
On the downside, an initial support is near the $6.00 level. The next major support is near the $5.50 level. Any more losses might call for a test of the $5.00 support zone.
Looking at the chart, EOS price is currently trading just above $6.00 and the 55 simple moving average (4-hours). Overall, the price must break $7.00 and $7.75 to start a strong increase in the near term.
4-hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $6.00 and $5.00.
Major Resistance Levels – $7.00 and $7.75.
Source: Read Full Article