Analysis

EOS Price Surges 10% and Technicals Suggests Rally Above $4

EOS price started a strong increase after it broke the $ 3.300 resistance zone against the US Dollar. A new monthly high is formed near $ 3.871 and it seems like there are chances of more upsides.

  • EOS formed a strong support base above $ 3.000 and rallied over 10% in the past few hours.
  • The price settled nicely above the $ 3.500 pivot level and the 100 SMA (H4).
  • There was a break above a key bearish trend line with resistance near $ 3.200 on the 4-hours chart of the EOS/USD pair (data feed from Kraken).
  • The pair could continue to rise above the $ 3.900 and $ 4.000 resistance levels in the near term.

EOS Price is Gaining Momentum

This past week, EOS price formed a strong support near the $ 2.850 and $ 3.000 levels. It started a fresh increase above the $ 3.200 resistance level and moved into a positive zone (similar to bitcoin, ETH, and TRX).

There was also a break above a key bearish trend line with resistance near $ 3.200 on the 4-hours chart of the EOS/USD pair. The pair gained pace above the $ 3.500 pivot level and the 100 simple moving average (4-hours).

It opened the doors for more gains and the price traded to a new monthly high near $ 3.871. It is currently consolidating gains near the $ 3.800 level. An initial support is near the $ 3.650 level. It is close to the 23.6% Fib retracement level of the recent rally from the $ 2.877 low to $ 3.871 high.

EOS Price

EOS price trades above $ 3.600. Source: TradingView.com

The first major support on the downside is near the $ 3.500 level (the recent breakout zone). The next support is near the $ 3.350 level or the 50% Fib retracement level of the recent rally from the $ 2.877 low to $ 3.871 high.

On the upside, there is a short-term resistance near the $ 3.850 level. A successful close above the $ 3.850 level might open the doors for a push towards $ 4.000 or even $ 4.200 in the near term.

Dips Likely to be Limited

If EOS starts a downside correction, it might find bids near the $ 3.500 level. The main support is now near the $ 3.350 and $ 3.300 levels.

If there is a downside break below the $ 3.300 support, the price could extend its decline towards the $ 3.000 support zone.

Technical indicators:

4-hours MACD – The MACD is now gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for EOS/USD is now in the overbought zone.

Major Support Levels – $ 3.500, followed by $ 3.350.

Major Resistance Levels – $ 3.850, $ 3.900 and $ 4.000.

Let’s block ads! (Why?)

Analysis – NewsBTC

Leave a Reply

Your email address will not be published. Required fields are marked *

three × two =