EOS Price Analysis: Can Bulls Clear This Key Hurdle?

• EOS price is recovering higher from the $0.650 support zone against the US Dollar.
• The price is now trading near $0.682 and the 55 simple moving average (4 hours).
• There is a key bearish trend line forming with resistance near $0.688 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
• The pair could start a fresh increase if it climbs above the $0.688 and $0.700 resistance levels.

EOS price is recovering above $0.670 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.700 resistance.

EOS Price Analysis

In the past few days, EOS price struggled to stay above the $0.700 resistance against the US Dollar. The price topped near $0.707 and started a fresh decline.

There was a move below the $0.700 and $0.688 levels. It even spiked below $0.660. A low was formed near $0.6571 and the price is now recovering higher. There was a move above the $0.665 level. The price cleared the 50% Fib retracement level of the downward move from the $0.7071 swing high to the $0.6571 low.

EOS is now trading near $0.682 and the 55 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.688 on the 4-hour chart of the EOS/USD pair.

On the upside, immediate resistance is near the $0.688 level and the trend line. It is close to the 61.8% Fib retracement level of the downward move from the $0.7071 swing high to the $0.6571 low. The next major resistance is near the $0.700 level, above which the price might test the $0.725 level.

Any more gains might send the price toward the $0.750 level. The next major hurdle sits at $0.780. On the downside, immediate support is near the $0.668 level.

The next key support is near the $0.655 level. If there is a downside break below the $0.655 support, the price could test the $0.6120 support in the near term.

Looking at the chart, EOS price is now trading near the $0.682 level and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it climbs above the $0.688 and $0.700 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 near the 50 level.

Major Support Levels – $0.668 and $0.657.

Major Resistance Levels – $0.688 and $0.700.