EOS Price Analysis: Indicators Suggest Fresh Rally To $3
- EOS price is gaining momentum above the $2.550 and $2.600 resistance levels against the US Dollar.
- The price is now trading well below the $2.550 pivot level and the 55 simple moving average (4-hours).
- There is a major ascending channel forming with support near $2.620 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move higher above $2.700 as long as it is above the $2.550 pivot level.
EOS price is trading in a positive zone above $2.550 against the US Dollar, similar to bitcoin. The bulls seem to be in control and it seems like they are aiming a test of $3.000.
EOS Price Analysis
EOS price formed a strong support base above the $2.420 level against the US Dollar. As a result, the price started a steady increase above the $2.500 and $2.550 resistance levels.
During the rise, there was a break above a crucial declining channel with resistance near $2.520 on the 4-hours chart of the EOS/USD pair. There was a strong rise, and the pair settled above the $2.550 level and the 55 simple moving average (4-hours).
Finally, there was a break above the $2.600 level and the price traded as high as $2.688. The price is currently consolidating gains above the $2.620 support level.
An initial support is near the 23.6% Fib retracement level of the upward move from the $2.538 swing low to $2.688 high. Moreover, there is a major ascending channel forming with support near $2.620 on the same chart.
The channel support is close to the 50% Fib retracement level of the upward move from the $2.538 swing low to $2.688 high. If there is a downside break below the channel support and $2.600, the price could continue to correct lower towards the $2.550 support zone.
Conversely, the price might continue to move higher above the $2.650 and $2.700 levels. A successful break above the $2.700 resistance might open the doors for a push towards the $2.850 level. Any further gains could lead the price towards the $3.000 resistance.
Looking at the chart, EOS price is clearly following a nice uptrend above the $2.620 and $2.550 support levels. Overall, the price could continue to move higher above $2.700 as long as it is above the $2.550 pivot level.
4-hours MACD – The MACD for EOS/USD is moving nicely in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently well above the 60 level.
Major Support Levels – $2.620 and $2.550.
Major Resistance Levels – $2.700 and $2.850.