EOS price is trading above a major pivot level at $3.800 against the US Dollar, while bitcoin is correcting gains. The price could continue to rise towards the $5.000 level in the near term.
EOS Price Analysis
After consolidating above $2.920, EOS price started a strong increase against the US Dollar. It broke the $3.300 and $3.500 resistance levels to move into a positive zone.
The upward move gained pace after it broke the $3.800 resistance and settled well above the 55 simple moving average (4-hours). The price even surged above the $4.000 resistance level. A new yearly high was formed near $4.554 before the price started a downside correction.
There was a break below the $4.000 level. It even traded below the 23.6% Fib retracement level of the recent increase from the $3.034 low to $4.554 high.
However, the previous resistance near the $3.800 level is acting as a strong support. There is also a key bullish trend line forming with support near $4.000 on the 4-hours chart of the EOS/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $3.034 low to $4.554 high.
If there is a close below the $3.800 level, the price could test $3.600. Any more losses may possibly lead the price towards the $3.400 level or the 55 simple moving average (4-hours).
Conversely, the price could continue to rise above the $4.200 and $4.400 levels. The next major resistance is near the $4.550 level, above which the price is likely to rise towards the $5.000 level.
Looking at the chart, EOS price is clearly trading nicely above $3.800 and the 55 simple moving average (4-hours). Overall, the price could start another upward move if it clears the $4.200 and $4.500 resistance levels.
4-hours MACD – The MACD for EOS/USD is still gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is well above the 50 level.
Major Support Levels – $3.800 and $3.600.
Major Resistance Levels – $4.200 and $4.500.
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