EOS Price Analysis: Bulls Face Uphill Task Near $1.12

• EOS price started a fresh increase from the $1.00 support against the US Dollar.
• The price is now trading above $1.02 and the 55 simple moving average (4-hours).
• There was a break below a key bullish trend line with support near $1.060 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to move up if it clears the $1.10 and $1.12 resistance levels.

EOS price is rising above $1.02 against the US Dollar, similar to bitcoin. The price could resume its increase if it clears the $1.10 and $1.12 resistance levels.

EOS Price Analysis

This week, EOS price started a fresh downside correction from the $1.145 resistance zone against the US Dollar. The price declined below the $1.10 support to move into a short-term bearish zone.

There was a break below a key bullish trend line with support near $1.060 on the 4-hours chart of the EOS/USD pair. The pair tested the $1.02 support zone. A low was formed near $1.013 and the price is now rising. It gained pace and was able to clear the $1.05 resistance zone.

The price climbed above the 50% Fib retracement level of the recent decline from the $1.143 swing high to $1.013 low. It is now trading above $1.02 and the 55 simple moving average (4-hours).

On the upside, an immediate resistance is near the $1.10 level. It is close to the 61.8% Fib retracement level of the recent decline from the $1.143 swing high to $1.013 low. The first major resistance is near the $1.12 level, above which the price could rise steadily.

In the stated case, it could rise towards the $1.15 level. Any more gains might send the price towards the $1.20 level. On the downside, an immediate support is near the $1.075.

The next key support is near the $1.05. If there is a downside break below the $1.005 support, the price could revisit the $1.02 support.

Looking at the chart, EOS price is now trading above the $1.02 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $1.10 and $1.12 resistance 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 above the 50 level.

Major Support Levels – $1.05 and $1.020.

Major Resistance Levels – $1.10 and $1.12.

Tags: EOS