- EOS price is trading in a positive zone above the $2.150 support against the US Dollar.
- The price is likely to start a strong increase if it breaks $2.400 and $2.500.
- There is a key contracting triangle forming with resistance near $2.400 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The current price action is positive and suggesting more gains above $2.400 and $2.500.
EOS price is slowly gaining bullish momentum above $2.200 against the US Dollar, similar to bitcoin. A previous bullish pattern replica suggests more gains in the near term.
EOS Price Analysis
In the past few days, there was a steady increase in EOS above the $2.000 resistance against the US Dollar. The price remained well bid and it climbed above the $2.150 resistance and the 55 simple moving average (4-hours).
The bulls gained pace and the price surged above $2.250. It broke the $2.400 resistance area and traded as high as $2.529. Moreover, there was a break above a major contracting triangle with resistance near $2.035 on the 4-hours chart of the EOS/USD pair.
Recently, there was a downside correction below the $2.300 and $2.250 levels. It broke the 23.6% Fib retracement level of the upward move from the $1.437 low to $2.529 high.
However, the $2.000 area is acting as a strong support. The 50% Fib retracement level of the upward move from the $1.437 low to $2.529 high is also providing support.
It seems like there is another key contracting triangle forming with resistance near $2.400 on the same chart. If there is an upside break above the triangle resistance, the price could start a strong increase above $2.500.
The next key resistance is near $2.650, above which the price may perhaps rise towards $2.800. Conversely, there could be a downside break below the $2.150 and $2.050 levels.
The main support is near the $2.000 level, below which there is a risk of an extended decline towards the $1.800 support area in the coming sessions.
Looking at the chart, EOS price is currently trading in a major breakout range below the $2.400 resistance. A clear break above the $2.400 and $2.500 levels may perhaps start a solid bullish move in the near term.
4-hours MACD – The MACD for EOS/USD is slowly gaining in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently declining towards the 50 level.
Major Support Levels – $2.150 and $2.000.
Major Resistance Levels – $2.400 and $2.500.