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The EOS price found a strong buying zone close to $ 4.50 compared to the US dollar. EOS / USD broke a key resistance near $ 5.00 and could continue to move higher.
Key discussion points
· The EOS price is pleasantly traded above support levels $ 4.50 and $ 4.75 (Kraken data feeds) against the US dollar.
· There was a break above a crucial bearish trend line with resistance at $ 4.95 on the 2-hour chart of the EOS / USD pair.
· The pair may perhaps continue to rise towards the $ 5.40 and $ 5.65 levels in the short term.
EOS Price Analysis
A decent support base formed near the $ 4.50 level in the EOS price against the US dollar. The EOS / USD pair started an upward move and managed to overcome some major resistance such as $ 5.00.
The chart above indicates that the EOS price broke resistance $ 5.00 and the simple moving average at 100 (2 hours). There was also a break above the 50% fiber retracement level of the last decline, from $ 5.65 to $ 4.53.
More importantly, there was a break above a bearish trend line with resistance to $ 4.95 on the 2-hour chart of the EOS / USD pair. It opened the door to more disadvantages since the price is traded comfortably above the $ 5.00 level.
On the upside, a close above the $ 5.25 level and the Fib 61.8% retracement level of the last decline from $ 5.65 higher to $ 4.53 lower is likely to push the price further. The next major resistance is close to the $ 5.50 level, above which the price could test the last swing of $ 5.65.
On the other hand, if there is a downward correction, the broken resistance near $ 4.95 and the 100 SMA are probably as support. Furthermore, there is an uptrend line in connection with $ 4.75 support on the same chart.
Overall, the EOS price is trading with a positive bias above the support levels $ 4.50 and $ 5.00. Further gains are possible once the price has eliminated the $ 5.25 hindrance.
Market data are provided by TradingView.
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