EOS Price Analysis: Rally Could Extend Above $3.20

EOS price is showing positive signs above $2.80 against the US Dollar, similar to bitcoin. The price could continue to rise if it manages to surpass $3.02.

EOS Price Analysis

This week, EOS price started a decent upward move wave from the $2.20 support zone against the US Dollar. The price was able to clear the $2.50 and $2.80 resistance levels.

The price even gained pace above the $3.00 level and the 55 simple moving average (4-hours). A high was formed near $3.18 and the price corrected lower. There was a move below the $3.00 support zone. The price declined below the 23.6% Fib retracement level of the key increase from the $2.430 swing low to $3.18 high.

However, the bulls are protecting the $2.80 support zone. It is near the 50% Fib retracement level of the key increase from the $2.430 swing low to $3.18 high.

There is also a key bullish trend line forming with support near $2.80 on the 4-hours chart of the EOS/USD pair. On the upside, the price is facing resistance near the $3.02 level. A clear upside break above the $3.02 resistance could start a steady increase.

The next major resistance is near the $3.15 level. If there are additional gains above $3.15, the price could rise to $3.50. Any more gains might send the price towards the $3.60 level or even $3.80.

On the downside, the first major support is near the $2.80 level. The next support is now forming near the $2.65 zone and the 55 simple moving average (4-hours). If there is a downside break below $2.65, the price might drop to $2.50. Any more losses might call for a move towards the $2.20 level in the near term.

EOS Price

Looking at the chart, EOS price is now trading above the $2.80 level and the 55 simple moving average (4-hours). Overall, the price could resume increase if it clears the $3.02 resistance zone.

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 – $2.80 and $2.65.

Major Resistance Levels – $3.02 and $3.15.

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