Key Upside Break Could Trigger Rally –

• EOS price rallied and was able to clear the $1.10 resistance against the US Dollar.
• The price is now trading above $1.10 and the 55 simple moving average (4-hours).
• There is a key bullish trend line forming with support near $1.080 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 $1.15 and $1.18 resistance levels.

EOS price is rising above $1.10 against the US Dollar, similar to bitcoin. The price could resume its increase if it clears the $1.15 and $1.18 resistance levels.

EOS Price Analysis

This week, EOS price started a fresh increase from the $1.00 zone against the US Dollar. The price gained pace and was able to clear the $1.05 resistance zone.

The price broke the $1.10 resistance zone and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1.12 level. However, the bears appeared near the $1.15 level. A high is formed near $1.152 and the price is now consolidating gains.

On the upside, an immediate resistance is near the $1.15 level. The first major resistance is near the $1.18 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.25 level. Any more gains might send the price towards the $1.35 level.

On the downside, an immediate support is near the $1.115. It is near the 23.6% Fib retracement level of the upward move from the $0.9922 swing low to $1.521 high.

The next key support is near the $1.080. It is close to the 50% Fib retracement level of the upward move from the $0.9922 swing low to $1.521 high. There is also a key bullish trend line forming with support near $1.080 on the 4-hours chart of the EOS/USD pair.

If there is a downside break below the $1.08 support, the price could revisit the $1.00 support. In the stated case, the price might even test $0.95.

Looking at the chart, EOS price is now trading above the $1.10 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $1.15 and $1.18 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 – $1.115 and $1.080.

Major Resistance Levels – $1.150 and $1.18.

Tags: EOS