EOS Price Analysis: Accelerating Gains Above $2.60


  • EOS started a strong upward move from the $2.500 support level against the US Dollar.
  • The price is currently trading above $2.600 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $2.560 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to rise towards the $2.720 and $2.800 resistance levels in the near term.

EOS price is showing positive signs above the $2.600 level against the US Dollar, similar to bitcoin. The price could continue to rise as long as it is above $2.550.

EOS Price Analysis

This past week, EOS price formed a strong support base above the $2.500 and $2.520 levels against the US Dollar. The price started a fresh increase after surpassing the $2.550 resistance level.

Moreover, there was a break above a major bearish trend line with resistance near $2.560 on the 4-hours chart of the EOS/USD pair. It opened the doors for more gains above the $2.600 level and the 55 simple moving average (4-hours).

During the rise, there was a break above the 50% Fib retracement level of the key decline from the $2.721 high to $2.492 low. The price is now facing resistance near the $2.650 level.

It seems like the 76.4% Fib retracement level of the key decline from the $2.721 high to $2.492 low is acting as a resistance. A clear break above the $2.650 resistance level might open the doors for a decent increase towards the $2.720 resistance.

Any further gains could set the pace for a push towards the $2.800 and $2.850 resistance levels. Conversely, the price start a downside correction below the $2.600 support. An initial support on the downside is near the $2.580 level.

The first major support is near the broken trend line, $2.550, and the 55 simple moving average (4-hours). Any further losses could lead the price towards the main $2.500 support level in the near term.

EOS Price

EOS Price

Looking at the chart, EOS price is clearly trading in a nice uptrend above the $2.600 level and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards the $2.720 and $2.800 resistance levels in the near term.

Technical indicators

4-hours MACD – The MACD for EOS/USD is now gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is well above the 50 level.

Major Support Levels – $2.580 and $2.550.

Major Resistance Levels – $2.650 and $2.720.

The post EOS Price Analysis: Accelerating Gains Above $2.60 appeared first on Live Bitcoin News.

Source: 
https://www.livebitcoinnews.com/eos-price-analysis-accelerating-gains-above-2-60/
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