EOS Price Analysis: Fresh Increase Possible Above $1.25

EOS Price Analysis: Fresh Increase Possible Above $1.25

August 4, 2022

EOS price is rising above $1.20 against the US Dollar, similar to bitcoin. The price could gain bullish momentum if it clears the $1.25 and $1.30 resistance levels.

EOS Price Analysis

This past week, EOS price started a fresh increase from the $1.06 zone against the US Dollar. The price gained pace and was able to clear the $1.12 resistance zone.

The price even broke the $1.20 resistance zone and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1.40 level. However, the bears appeared near the $1.45 level. As a result, there was a sharp decline below the $1.35 and $1.25 support levels.

The price declined below the 50% Fib retracement level of the upward move from the $1.060 swing low to $1.450 high. EOS is now trading below $1.25 and the 55 simple moving average (4-hours).

On the upside, an immediate resistance is near the $1.24 level. The first major resistance is near the $1.25 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.30 level. Any more gains might send the price towards the $1.35 level.

On the downside, an immediate support is near the $1.20. The next key support is near the $1.18 level. There is also a major bullish trend line forming with support near $1.18 on the 4-hours chart of the EOS/USD pair.

If there is a downside break below the $1.18 support, the price could revisit the $1.050 support zone or even $1.000 in the coming sessions.

EOS Price

Looking at the chart, EOS price is now trading below the $1.25 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $1.18 and $1.15 support levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now near the 50 level.

Major Support Levels – $1.20 and $1.18.

Major Resistance Levels – $1.25 and $1.30.

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