• EOS price is trading above $1.15 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $1.20 on the 4-hours chart of the EOS/USD pair.
• The first major resistance is near the $1.240 level or the 76.4% Fib retracement level of the downward move from the $1.2533 swing high to the $1.1955 low.
EOS Price Analysis
EOS price started a fresh increase from the $1.12 support against the US Dollar, climbing above both $1.20 and $1.22 resistance levels and forming a high at around $1.2533 before experiencing a slight correction back down to around $1.1955 where it is now consolidating losses while trading above both $1.20 and its 55 simple moving average (4 hours).
Key Resistance & Support Levels
Immediate resistance for EOS lies at around$ 1.24 which coincides with 50% Fib retracement level of its downward move from swing high at$ 1.2533 to swing low at$ 1.1955, while first major resistance lies at around$ 1,240 which coincides with 76,4% Fib retracement level of same downward move from swing high to swing low . Major support for EOS lies at around$ 1,200 followed by key bullish trend line forming with support near$ 1,20 on 4-hour chart of EOS/USD pair while further downside break could potentially lead it towards revisiting its previous low of around$ 1,150
Next Potential Move
If price breaks out above immediate resistance levels at around$ 1,24 and continues rising up , then next potential target could be seen at around$ 1,30 followed by further upside potential towards previously stated major resistance level at around$ 1,32 . On flip side if it fails to break out current immediate resistances then next potential downside target could be seen towards revisiting its previous lows in vicinity ofaround$ 1,05
Technical Indicators
Looking into technical indicators , MACD for EOS/USD is gradually losing pace in bullish zone while RSI stands near 50 mark .
Conclusion
Overall ,price looks set to continue moving up if it clears immediate resistant levels placed near$ 1, 24 & 25 .
