EOS Price Analysis: Why EOS Could Surge Toward $1

8 months ago 4

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EOS price is eyeing a fresh increase from the $0.780 support against the US Dollar.
The price is now trading above $0.820 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support at $0.7950 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to rise if it clears the $0.8520 and $0.8750 resistance levels.

EOS price is recovering above $0.8250 against the US Dollar, like Bitcoin. The price might continue to rise if it clears the $0.8520 resistance.

EOS Price Analysis

In the past few sessions, EOS price started a decent increase from the $0.780 support against the US Dollar. The price was able to clear the $0.825 and $0.832 resistance levels.

The pair even cleared the 50% Fib retracement level of the downward move from the $0.8742 swing high to the $0.7753 low. The bulls were able to push the price above the $0.800 resistance. There is also a key bullish trend line forming with support at $0.7950 on the 4-hour chart of the EOS/USD pair.

The price is now consolidating above $0.8320 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.8520 level or the 76.4% Fib retracement level of the downward move from the $0.8742 swing high to the $0.7753 low.

The next major resistance is near the $0.8750 level, above which the price might test the $0.900 level. Any more gains might send the price toward the $0.945 level. The next major hurdle sits at $1.00.

On the downside, immediate support is near the $0.8320 level. The next key support is near the $0.824 level. If there is a downside break below the $0.824 support, the price could test the $0.800 support in the near term.

Looking at the chart, EOS price is now trading above the $0.8250 level and the 55 simple moving average (4 hours). Overall, the price could continue to rise toward the $0.8520 and $0.8750 resistance levels in the near term.