EOS Price Analysis: Uptrend Could Accelerate Above $1.10

8 months ago 3

ARTICLE AD BOX

EOS price is eyeing a fresh increase from the $0.920 support against the US Dollar.
The price is now trading above $0.980 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $1.10 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to rise if it clears the $1.100 and $1.145 resistance levels.

EOS price is recovering above $0.920 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $1.100 resistance.

EOS Price Analysis

In the past few sessions, EOS price started a decent increase from the $0.920 support against the US Dollar. The price was able to clear the $0.945 and $0.980 resistance levels.

The pair even cleared the 50% Fib retracement level of the downward move from the $1.169 swing high to the $0.9119 low. The bulls were able to push the price above the $1.00 resistance. EOS is now trading above $0.980 and the 55 simple moving average (4 hours).

On the upside, immediate resistance is near the $1.10 level or the 76.4% Fib retracement level of the downward move from the $1.169 swing high to the $0.9119 low.

There is also a key bearish trend line forming with resistance at $1.10 on the 4-hour chart of the EOS/USD pair. The next major resistance is near the $1.145 level, above which the price might test the $1.180 level. Any more gains might send the price toward the $1.25 level. The next major hurdle sits at $1.32.

On the downside, immediate support is near the $1.040 level. The next key support is near the $0.980 level. If there is a downside break below the $0.980 support, the price could test the $0.920 support in the near term.

Looking at the chart, EOS price is now trading above the $1.00 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $1.100 and $1.1450 resistance levels in the near term.