EOS Price Analysis: Signs of Recovery Above $1.05
EOS price is trading in a bearish zone above the $0.98 support against the US Dollar.
The price is now trading below $1.05 and the 55 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $1.015 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
The pair could start a recovery wave if it clears the $1.05 and $1.08 resistance levels.
EOS price is struggling below $1.08 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $1.050.
EOS Price Analysis
In the past few days, EOS price range moves below the $1.12 resistance against the US Dollar. The price remained stable above the $0.98 and $1.00 support levels.
A low is formed near $0.9747 and the price is now attempting an upside correction. There was a move above the $1.015 and $1.02 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $1.015 on the 4-hour chart of the EOS/USD pair.
The price is now trading below $1.05 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $1.03 level and the 55 simple moving average (4 hours).
The first major resistance is near the $1.05 level or the 23.6% Fib retracement level of the downward move from the $1.298 swing high to the $0.8747 low, above which the price might test the $1.08 level. Any more gains might send the price towards the $1.12 level.
The next resistance might be $1.135 or the 50% Fib retracement level of the downward move from the $1.298 swing high to the $0.8747 low. On the downside, immediate support is near the $1.00 level.
The next key support is near the $0.98 level. If there is a downside break below the $0.980 support, the price could test the $0.95 support in the near term.
Looking at the chart, EOS price is now trading below the $1.05 level and the 55 simple moving average (4-hours). Overall, the price could start a recovery wave if it clears the $1.05 and $1.08 resistance levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $1.00 and $0.98.
Major Resistance Levels – $1.05 and $1.08.
The post EOS Price Analysis: Signs of Recovery Above $1.05 appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ May 4, 2023 5:08 am