EOS Price Analysis: Key Upside Break Could Trigger Move To $2

• EOS price rallied and was able to clear the $1.55 resistance against the US Dollar.
• The price is now trading above $1.62 and the 55 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance near $1.55 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 $1.68 and $1.70 resistance levels.

EOS price is rising above $1.55 against the US Dollar, similar to bitcoin. The price could resume its increase if it clears the $1.68 and $1.70 resistance levels.

EOS Price Analysis

This week, EOS price started a fresh increase from the $1.35 zone against the US Dollar. The price gained pace and was able to clear the $1.42 resistance zone.

The price broke the $1.50 resistance zone and the 55 simple moving average (4-hours). The bulls even pushed the price above the $1.55 level. Besides, there was a break above a major bearish trend line with resistance near $1.55 on the 4-hours chart of the EOS/USD pair.

There was a clear move above the 50% Fib retracement level of the downward move from the $1.950 swing high to $1.340 low. However, the bears appeared near the $1.70 level.

They seem to be defending the 61.8% Fib retracement level of the downward move from the $1.950 swing high to $1.340 low. The price is now consolidating near the $1.65 level. On the upside, an immediate resistance is near the $1.68 level.

The first major resistance is near the $1.70 level, above which the price could rise steadily. In the stated case, it could rise towards the $1.95 level. Any more gains might send the price towards the $2.00 level.

On the downside, an immediate support is near the $1.60. The next key support is near the $1.50. If there is a downside break below the $1.50 support, the price could revisit the $1.35 support.

EOS Price

Looking at the chart, EOS price is now trading above the $1.60 level and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $1.68 and $1.70 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 – $1.60 and $1.50.

Major Resistance Levels – $1.70 and $1.95.

Tags: EOS