EOS Price Analysis: More Gains Likely Above $1.20
- EOS price rallied and was able to clear the $1.12 resistance against the US Dollar.
- The price is now trading above $1.12 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $1.122 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move up if it clears the $1.18 and $1.20 resistance levels.
EOS price is rising above $1.12 against the US Dollar, similar to bitcoin. The price could resume its increase if it clears the $1.18 and $1.20 resistance levels.
EOS Price Analysis
This week, EOS price started a fresh increase from the $1.04 zone against the US Dollar. The price gained pace and was able to clear the $1.10 resistance zone.
The price broke the $1.12 resistance zone and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1.15 level. However, the bears appeared near the $1.18 level. A high is formed near $1.1804 and the price is now consolidating gains.
On the upside, an immediate resistance is near the $1.165 level. The first major resistance is near the $1.18 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.20 level. Any more gains might send the price towards the $1.25 level.
On the downside, an immediate support is near the $1.135. It is near the 23.6% Fib retracement level of the upward move from the $0.9922 swing low to $1.180 high.
The next key support is near the $1.120. There is also a major bullish trend line forming with support near $1.122 on the 4-hours chart of the EOS/USD pair. If there is a downside break below the $1.12 support, the price could revisit the $1.08 support. It is close to the 50% Fib retracement level of the upward move from the $0.9922 swing low to $1.180 high.
EOS Price
Looking at the chart, EOS price is now trading above the $1.12 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $1.18 and $1.20 resistance levels.
Technical indicators
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 – $1.112 and $1.080.
Major Resistance Levels – $1.18 and $1.20.
The post EOS Price Analysis: More Gains Likely Above $1.20 appeared first on Live Bitcoin News.