- EOS price remained in an uptrend above the $5.00 and $5.50 support levels against the US Dollar.
- The price even traded above the $6.00 resistance and recently corrected lower.
- There is a crucial bullish trend line formed with support at $5.50 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
- The pair must stay above the $5.50 level to bounce back towards $6.00 or even $6.20.
EOS price gained bullish momentum recently above $5.80 before correcting lower against the US Dollar. The price is currently trading near the key $5.50 support area and it could bounce back.
EOS Price Analysis
Earlier this week, there was an upside extension in , , , and EOS price against the US Dollar. There was a slow and steady rise above the $5.40 and $5.50 resistance levels. There was even a close above the $5.50 level and the 55 simple moving average (4-hours). The price extended gains above the $5.80 resistance and spiked above the $6.00 barrier. A new 2019 high was formed at $6.116 and recently the price started a downside correction.
It declined sharply below the $6.00 and $5.80 levels. There was even a spike below the $5.50 support before buyers appeared near the $5.30 level. The price recovered sharply and it is currently trading above the $5.50 level. It broke the 23.6% Fib retracement level of the recent drop from the $6.116 high to $5.307 low. More importantly, there is a crucial bullish trend line formed with support at $5.50 on the 4-hours chart of the EOS/USD pair.
On the upside, an immediate resistance is near the $5.70 level. It coincides with the 50% Fib retracement level of the recent drop from the $6.116 high to $5.307 low. The main resistance is near the $5.80 level, above which the price is likely to resume its upward move. Alternatively, if there is a downside break below the $5.50 support, the price could extend its decline in the near term. The next key support is at $5.30, below which the price is likely to test the $5.10 support area.
Looking at the , EOS price is clearly trading near a crucial support area at $5.50. It will most likely bounce back above $5.70 and $5.80. The key resistance is at USD 6.00, above which there are chances of a fresh 2019 high in the near term.
Technical indicators
Hourly MACD – The MACD for EOS/USD is currently reducing its bearish slope, with a positive bias.
Hourly RSI (Relative Strength Index) – The RSI is currently just below the 50 level, with a minor bullish angle.
Major Support Levels – $5.50 and $5.30.
Major Resistance Levels – $5.70 and $5.80.
Published at Thu, 11 Apr 2019 09:08:21 +0000