EOS price found a strong buy zone near $4.50 against the US Dollar. EOS/USD broke a key resistance near $5.00 and it could continue to move higher.
Key Talking Points
· EOS price is trading nicely above the $4.50 and $4.75 support levels (Data feed of Kraken) against the US Dollar.
· There was a break above a crucial bearish trend line with resistance at $4.95 on the 2-hours chart of the EOS/USD pair.
· The pair may perhaps continue to move higher towards the $5.40 and $5.65 levels in the near term.
EOS Price Analysis
There was a decent support base formed near the $4.50 level in EOS price against the US Dollar. The EOS/USD pair started an upside move and managed to move above a few important resistances such as $5.00.
The chart above indicates that EOS price broke the $5.00 resistance and the 100 simple moving average (2-hours). There was also a break above the 50% Fib retracement level of the last decline from the $5.65 high to $4.53 low.
More importantly, there was a break above a crucial bearish trend line with resistance at $4.95 on the 2-hours chart of the EOS/USD pair. It has opened the doors for more upsides since the price is trading comfortably above the $5.00 level.
On the upside, a close above the $5.25 level and the 61.8% Fib retracement level of the last decline from the $5.65 high to $4.53 low is likely to push the price further higher. The next major resistance is near the $5.50 level, above which, the price may well test the last swing high at $5.65.
On the other hand, if there is a downside correction, the broken resistance near $4.95 and the 100 SMA are likely to act as supports. Moreover, there is a connecting bullish trend line with support at $4.75 on the same chart.
Overall, EOS price is trading with a positive bias above the $4.50 and $5.00 support levels. More gains are possible once the price clears the $5.25 hurdle.
The market data is provided by TradingView.
