- EOS is likely forming a support base above the $3.150 zone against the US Dollar.
- The price is currently trading above the $3.750 support and the 55 simple moving average (4-hours).
- There was a break above a key contracting triangle with resistance near $3.820 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to start a strong increase above the $4.000 and $4.200 resistance levels.
EOS price is consolidating above $3.750 against the US Dollar, while bitcoin is rising. The price could gain bullish momentum once it clears the $4.000 resistance zone.
EOS Price Analysis
After a strong decline, EOS price found support near the $3.150 zone against the US Dollar. The price traded as low as $3.169 before starting a consolidation phase.
It formed a support base above the $3.200 level and recently started a decent recovery wave. There was a break above the $3.500 and $3.600 resistance levels. There was also a break above a key contracting triangle with resistance near $3.820 on the 4-hours chart of the EOS/USD pair.
The pair climbed above the 23.6% Fib retracement level of the downward move from the $5.475 swing high to $3.169 low. It is now consolidating above the $3.750 support and the 55 simple moving average (4-hours).
An initial resistance on the upside is near the $4.000 level. If there is an upside break above $4.000, the price could rise towards the $4.300 resistance. The 50% Fib retracement level of the downward move from the $5.475 swing high to $3.169 low is also near $4.322.
Any more gains could lead the price towards the $4.500 level in the near term. Conversely, there could be another decline below the $3.750 support zone. The next key support is near the $3.50 level.
If the bulls fail to defend the $3.500 support zone, there is a risk of a drop towards the $3.200 and $3.150 levels in the near term.
Looking at the chart, EOS price is clearly trading nicely above $3.750 and the 55 simple moving average (4-hours). Overall, the price could rise steadily if there is a clear break above $4.000 and $4.200.
4-hours MACD – The MACD for EOS/USD is struggling to gain in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $3.750 and $3.500.
Major Resistance Levels – $4.000 and $4.200.
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Source: Live Bitcoin News