EOS price is slowly climbing higher above $5.000 against the US Dollar. EOS could start a strong upward move versus USD, BTC and ETH once it clears the $5.070 resistance.
Key Talking Points
- EOS price is showing positive signs above the $4.850 and $4.950 levels (Data feed of Kraken) against the US Dollar.
- There are two major bearish trend lines in place with resistance near $5.000 on the 4-hours chart.
- The price could start a strong upward move once it clears the $5.000 and $5.070 resistances.
EOS Price Analysis
This past week, there was a downside correction in EOS and other cryptocurrencies (bitcoin, Ethereum and litecoin) against the US Dollar. EOS price traded below the $5.000 and $4.700 support levels before it found support near the $4.320 area.
The chart above indicates that EOS price declined heavily before the bulls took a stand near the $4.320 and $4.340 levels. Later, there was a steady rise above the $4.500 and $4.55 resistance levels.
The price even climbed above $4.800 and $5.000, but it struggled to hold gains. A swing high was formed near $5.121 and recently the price declined below the $4.750 level. A swing low was formed at $4.609 and the price climbed higher in the past three sessions.
It broke the 50% Fib retracement level of the last drop from the $5.121 high to $4.609 low. & There was also a close above the $4.850 level and the 100 simple moving average (4-hours).
The price is currently testing the key $5.000 resistance level. There are also two major bearish trend lines in place with resistance near $5.000 on the 4-hours chart. Above the trend lines, the next major hurdle for the bulls is near the $5.070 level.
Therefore, a successful close above the $5.000 and $5.070 levels may trigger a nasty upward move in EOS price. An immediate resistance is near $5.250 and the 1.236 Fib extension level of the last drop from the $5.121 high to $4.609 low. A clear break above the $5.250 level is likely to open the gates for a push towards the $6.000 and $6.100 resistance levels.
The market data is provided by TradingView.
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