EOS Price Analysis: Uptrend Support Intact Near $3.20
- EOS price climbed to a new multi-week high at $3.950 before correcting lower against the US Dollar.
- The price corrected lower below $3.5501 and even spiked below the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $3.150 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to start a fresh increase as long as it is above $3.200 and $3.150.
EOS price is correcting gains from the monthly high against the US Dollar, similar to bitcoin. The price is currently holding the $3.200 support and it could rise again.
EOS Price Analysis
EOS price gained bullish momentum above the $3.200 and $3.550 resistance levels against the US Dollar. It traded close to the $4.000 resistance zone before it started a downside correction.
A new multi-week high was formed near $3.950 before the price started a downside correction. There was a break below the $3.600 and $3.550 support levels. The price even broke the $3.400 support and spiked below the 55 simple moving average (4-hours).
The price traded to a new weekly low at $3.220 and it is currently correcting higher. It is trading near the $3.400 resistance and the 55 simple moving average (4-hours). The 23.6% Fib retracement level of the recent decline from the $3.950 high to $3.220 low is also near the $3.400 level.
On the upside, the first major resistance is near the $3.550 level (the recent breakdown support). There is also a bearish trend line forming with resistance near $3.580 on the 4-hours chart of the EOS/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $3.950 high to $3.220 low.
A clear break above the $3.550 resistance zone could set the pace for a fresh rally. In the mentioned case, the price is likely to rise again towards the $3.950 and $4.000 resistance levels in the near term.
Conversely, the price might continue to move down towards the $3.200 support. There is also a major bullish trend line forming with support near $3.150 on the same chart.
Looking at the chart, EOS price is clearly holding a couple of important supports near $3.200. Therefore, the price is likely to start a fresh increase as long as it is above $3.200 and $3.150.
4-hours MACD – The MACD for EOS/USD is slowly moving into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is still well below the 50 level.
Major Support Levels – $3.200 and $3.150.
Major Resistance Levels – $3.400 and $3.550.