EOS Price Analysis: Recovery Possible If It Clears This Resistance
EOS price is struggling below $1.00 against the US Dollar, similar to bitcoin. The price might attempt to rise if there is a clear move above $1.00.
EOS Price Analysis
Earlier this month, EOS price saw a major drop below the $0.950 support zone against the US Dollar. The price traded below the $0.92 and $0.90 levels to enter a bearish zone.
The pair accelerated lower below the $0.85 support zone and settled well below the 55 simple moving average (4-hours). It traded as low as $0.7900 and recently started a steady recovery wave. There was a clear move above the $0.900 resistance zone.
The price broke the 23.6% Fib retracement level of the main decline from the $1.2178 swing high to $0.7901 low. Besides, there was a break above a connecting bearish trend line with resistance near $0.930 the 4-hours chart of the EOS/USD pair.
The price is now trading above $0.92 and the 55 simple moving average (4-hours). On the upside, an immediate resistance is near the $0.952 level.
The first major resistance is near the $1.00 level. It is near the 50% Fib retracement level of the main decline from the $1.2178 swing high to $0.7901 low, above which the price might test the $1.110 level. Any more gains might send the price towards the $1.15 level.
On the downside, an immediate support is near the $0.920. The next key support is near the $0.900 level. If there is a downside break below the $0.900 support, the price could test the $0.85 support in the near term.
Looking at the chart, EOS price is now trading above the $0.92 level and the 55 simple moving average (4-hours). Overall, the price could rise further if it clears the $0.99 and $1.00 resistance levels.
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 – $0.92 and $0.90.
Major Resistance Levels – $0.980 and $1.00.
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