EOS Price Analysis: Bulls Aim Increase To $0.70
EOS price is eyeing a fresh increase from the $0.550 support against the US Dollar.
The price is now trading above $0.60 and the 55 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.580 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to rise toward the $0.68 and $0.70 resistance levels.
EOS price is recovering above $0.60 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.650 resistance.
EOS Price Analysis
In the past few sessions, EOS price started a decent increase from the $0.550 support against the US Dollar. The price was able to clear the $0.580 and $0.585 resistance levels.
Besides, there was a break above a key bearish trend line with resistance near $0.580 on the 4-hour chart of the EOS/USD pair. The pair even spiked above the 50% Fib retracement level of the downward move from the $0.7302 swing high to the $0.5200 low.
However, the bears took a stand near the $0.6365 zone. The price is now trading above $0.60 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.6365 level.
The next major resistance is near the $0.650 level or the 61.8% Fib retracement level of the downward move from the $0.7302 swing high to the $0.5200 low, above which the price might test the $0.68 level. Any more gains might send the price toward the $0.70 level. The next major hurdle sits at $0.715.
On the downside, immediate support is near the $0.605 level. The next key support is near the $0.595 level or the 55 simple moving average (4 hours). If there is a downside break below the $0.595 support, the price could test the $0.55 support in the near term.
Looking at the chart, EOS price is now trading above the $0.60 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $0.68 and $0.70 resistance levels in the near term.
Technical indicators
4 hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $0.605 and $0.595.
Major Resistance Levels – $0.65 and $0.70.
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Filed under: Bitcoin - @ August 31, 2023 6:08 am