EOS Price Analysis: Bulls Must Protect This Key Support

• EOS price is correcting gains from the $1.10 zone against the US Dollar.
• The price is now trading above $1.00 and the 55 simple moving average (4-hours).
• There was a break below a key bullish trend line with support near $1.03 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to move up if it stays above the $0.98 and $0.975 support levels.

EOS price is struggling below $1.10 against the US Dollar, similar to bitcoin. The price must stay above the $0.975 support zone to start a fresh increase.

EOS Price Analysis

This past week, EOS price started a fresh increase from the $0.880 zone against the US Dollar. The price gained pace and was able to clear the $0.98 resistance zone.

The price even broke the $1.0 resistance zone and the 55 simple moving average (4-hours). It even spiked above the $1.08 level and traded as high as $1.110. Recently, there was a downside correction from the $1.110 high. The price traded below the $1.05 support zone.

It traded below the 23.6% Fib retracement level of the upward move from the $0.880 swing low to $1.110 high. Besides, there was a break below a key bullish trend line with support near $1.03 on the 4-hours chart of the EOS/USD pair.

However, the bulls are active near the $1.00 zone. On the downside, an immediate support is near the $0.995 level and the 55 simple moving average (4-hours). It is near the 50% Fib retracement level of the upward move from the $0.880 swing low to $1.110 high.

The next key support is near the $0.975 level. If there is a downside break below the $0.975 support, the price could revisit the $0.88 support zone.

On the upside, an immediate resistance is near the $1.05 level. The first major resistance is near the $1.08 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.15 level.

EOS Price

Looking at the chart, EOS price is now trading above the $1.00 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it stays above the $0.98 and $0.975 support levels.

Technical indicators

4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $0.990 and $0.975.

Major Resistance Levels – $1.05 and $1.08.

Tags: EOS