EOS Price Analysis: $10 Holds The Key For Fresh RallyMay 13, 2021
EOS price is holding gains above $10.00 against the US Dollar, similar to bitcoin. The price is likely to start a fresh rally if it clears the $12.00 resistance in the near term.
EOS Price Analysis
After forming a base near $6.50, EOS price started a strong rally against the US Dollar. The bulls took control and pushed the price above the $10.00 and $10.50 resistance levels.
It opened the doors for more gains above the $12.00 level. There was also a break above a major declining channel with resistance near $10.80 on the 4-hours chart of the EOS/USD pair. The price even surged towards the $15.00 level and settled nicely above the 55 simple moving average (4-hours).
A new 2021 high was formed near $14.97 before the price started a major decline. There was a sharp decline below the $12.00 support level. The price even spiked below the $10.00 level and the 55 simple moving average (4-hours).
A low is formed near $9.62 and the price is now correcting higher. It is trading nicely above the $10.00 level and the 55 simple moving average (4-hours).
It is testing the 23.6% Fib retracement level of the recent decline from the $14.97 high to $9.64 low. An initial resistance on the upside is near the $11.50 level. The main resistance for a strong increase is now forming near the $12.00 level.
The 50% Fib retracement level of the recent decline from the $14.97 high to $9.64 low is also near the $12.30 level to act as a resistance.
On the downside, the $10.00 level holds the key. The next major support is near the $8.80 level. Any more losses might call for a test of the $6.80 support zone.
Looking at the chart, EOS price is clearly trading nicely above $10.00 and the 55 simple moving average (4-hours). Overall, the price is correcting gains, but it could start a fresh increase as long as it is above $10.00.
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 close to the 40 level.
Major Support Levels – $10.00 and $8.80.
Major Resistance Levels – $11.50 and $12.00.
Source: Read Full Article