- EOS price is trading in a bullish zone above the $2.650 support against the US Dollar.
- The bulls are facing a couple of key hurdles near the $2.800 and $3.000 levels.
- There is a major contracting triangle forming with resistance near $2.750 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- A clear break above $2.750 and $2.800 is likely to pump the price above the $3.000 barrier.
EOS price is following a nice uptrend above the $2.500 pivot area against the US Dollar, similar to bitcoin. Therefore, there are high chances of more gains above $3.000.
EOS Price Analysis
After a successful close above the $2.400 level, EOS price started a strong increase against the US Dollar. The price gained pace and broke a few important hurdles near the $2.650 level.
There was even a break above the $2.700 level and the price settled nicely above the 55 simple moving average (4-hours). However, the bulls struggled to gain traction above the $2.800 and $2.850 levels.
As a result, there was a downside correction below the $2.700 level. The price even spiked below the $2.650 support area, but it remained well bid above the $2.550 and $2.500 support levels.
A low is formed near $2.553 and the price jumped back above the $2.650 level. It traded as high as $2.795 and it is currently consolidating gains. There was a break below the 23.6% Fib retracement level of the recent wave from the $2.553 low to $2.795 high.
On the downside, an initial support is near the $2.650 level. The 50% Fib retracement level of the recent wave from the $2.553 low to $2.795 high might also provide support near $2.675.
If the price fails to stay above the $2.650 support, it could decline back towards the $2.550 level. On the upside, there are key hurdles near the $2.750 and $2.800 levels. There is also a major contracting triangle forming with resistance near $2.750 on the 4-hours chart of the EOS/USD pair.
If there is an upside break above the triangle resistance, the price could even surge above the $2.800 level. Any further gains might open the doors for a push above the $3.000 barrier.
Looking at the chart, EOS price is currently trading nicely above the $2.650 and $2.550 support levels. Therefore, there are high chances of an upside break above the $2.800 and $3.000 resistance levels.
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well above the 55 level.
Major Support Levels – $2.650 and $2.550.
Major Resistance Levels – $2.800 and $3.000.
Source: Live Bitcoin News