EOS Price Approaching Next Key Break Versus USD, BTC and ETH
EOS price dipped recently after
it failed to stay above the $5.320 support against the US Dollar. EOS is correcting
lower and it seems to be preparing for the next break versus USD, BTC and ETH.
Key Talking Points
EOS price recently dipped steadily towards the
key $5.000 support area (Data feed of Kraken) against the US Dollar.
There is a key bullish trend line formed with
support at $5.070 on the 4-hours chart.
The price must break the $5.380 resistance and
the 100 simple moving average (4-hours) to climb higher.
EOS Price Analysis
Recently, there was a downside correction in EOS and other cryptocurrencies (bitcoin, ripple, Ethereum and litecoin) against the US Dollar. EOS price dipped below the $5.400 and $5.220 support levels to enter a short term bearish zone.
above indicates that EOS price even settled below the $5.400 level and the 100
simple moving average (4-hours). It traded close to the key $5.000 support
level and formed a low at $5.004.
Finally, there was a recovery above the $5.150 level and the
23.6% Fib retracement level of the last drop from the $5.634 high to $5.004
low. However, the price seems to be facing a strong resistance near the $5.300
and $5.320 levels.
The 50% Fib retracement level of the last drop from the $5.634
high to $5.004 low also acted as a strong resistance for buyers. A break above the
$5.320 level might push the price towards the next important resistance near
$5.380 and 100 simple moving average (4-hours).
There is also a connecting bearish trend line near $5.400 on
the 4-hours chart. Therefore, a close above the trend line and $5.400 is must
for a fresh increase towards the $6.000 level.
On the downside, there is a key bullish trend line formed
with support at $5.070 on the same chart. If EOS price fails to stay above the
trend line and the $5.050 support, there is a risk of more losses below the
$5.000 support level in the near term. The next key support is at $4.855,
followed by $4.752.