- EOS price is eyeing a fresh increase from the $0.660 support against the US Dollar.
The price is now trading above $0.80 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support at $0.800 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to rise if it clears the $0.960 and $1.00 resistance levels.
The EOS price is rebounding above the $0.80 mark against the US Dollar, similar to Bitcoin‘s trend. If it manages to surmount the $1.00 barrier, the price could potentially climb higher.
EOS Price Analysis
Over the last several meetings, the EOS price has seen a notable uptrend, rising from its support at $0.660 versus the US Dollar. It subsequently surpassed the resistance thresholds of $0.750 and $0.80.
The duo overcame the 50% Fibonacci retracement mark of the decline from $1.150 peak to $0.6595 trough. The buyers managed to lift the price beyond the $0.90 barrier. Currently, EOS is trading above $0.90 and also above its 4-hour simple moving average, which is at $0.89.
The good news is that the price may encounter initial resistance around the $0.965 mark or the 61.8% Fibonacci retracement point in the bearish trend, which took the price from its high of $1.150 to its low of $0.6595.
The next major resistance is near the $1.00 level, above which the price might test the $1.080 level. Any more gains might send the price toward the $1.150 level. The next major hurdle sits at $1.20.
The downside reveals that the EOS/USD pair may encounter support around $0.85 and $0.80 respectively. Additionally, a significant bullish trend line emerges on the 4-hour chart, with support at $0.80. If the price drops below this level, it might challenge the near-term support at $0.72.
According to the given chart, the EOS price currently hovers around $0.90 and surpasses its 4-hour simple moving average ($0.90). In the short term, the price may proceed to climb further, potentially reaching the resistance levels of $0.960 and $1.00.
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 – $0.850 and $0.80.
Major Resistance Levels – $0.960 and $1.00.
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2024-04-25 08:35