EOS Price Analysis: Signs of Upside Continuation To $6September 2, 2021
EOS price is gaining pace above $5.00 against the US Dollar, similar to bitcoin. The price could continue to move up if it clears the $5.40 and $5.50 resistance levels.
EOS Price Analysis
This past week, EOS price formed a base above the $4.80 support zone against the US Dollar. The price started a decent increase above the $5.00 resistance zone.
There was a break above a major bearish trend line with resistance near $5.00 on the 4-hours chart of the EOS/USD pair. The pair settled nicely above the $5.00 zone and the 55 simple moving average (4-hours). There was also a break above the 50% Fib retracement level of the main decline from the $5.71 high to $4.63 low.
It is now consolidating near the $5.30 resistance. It seems like the price is facing hurdles near the 61.8% Fib retracement level of the main decline from the $5.71 high to $4.63 low.
The first key resistance is near the $5.40. To start a fresh increase, the price must settle above the $5.40 level. The next key resistance is near the $5.50 level, above which the price could accelerate higher towards the $6.00 barrier in the near term.
On the downside, the first major support is near the $5.15 levels. The main support is now forming near the $5.00 zone. If there is a downside break below the $5.00 support, there could be a move towards the $4.80 support. The next major support sits near the $4.62 level.
Looking at the chart, EOS price is now trading well above $5.30 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it settles above the $5.40 pivot level.
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $5.15 and $5.00.
Major Resistance Levels – $5.40 and $5.50.
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