EOS Price Surges 10% and Technicals Suggests Rally Above $4

Aayush Jindal

1 year ago

2 mins read

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EOS price started a strong increase after it broke the $3.300 resistance zone against the US Dollar. A new monthly high is formed near $3.871 and it seems like there are chances of more upsides.

EOS formed a strong support base above $3.000 and rallied over 10% in the past few hours.
The price settled nicely above the $3.500 pivot level and the 100 SMA (H4).
There was a break above a key bearish trend line with resistance near $3.200 on the 4-hours chart of the EOS/USD pair (data feed from Kraken).
The pair could continue to rise above the $3.900 and $4.000 resistance levels in the near term.

EOS Price is Gaining Momentum

This past week, EOS price formed a strong support near the $2.850 and $3.000 levels. It started a fresh increase above the $3.200 resistance level and moved into a positive zone (similar to bitcoin, ETH, and TRX).

There was also a break above a key bearish trend line with resistance near $3.200 on the 4-hours chart of the EOS/USD pair. The pair gained pace above the $3.500 pivot level and the 100 simple moving average (4-hours).

It opened the doors for more gains and the price traded to a new monthly high near $3.871. It is currently consolidating gains near the $3.800 level. An initial support is near the $3.650 level. It is close to the 23.6% Fib retracement level of the recent rally from the $2.877 low to $3.871 high.

EOS price trades above $3.600. Source: TradingView.com

The first major support on the downside is near the $3.500 level (the recent breakout zone). The next support is near the $3.350 level or the 50% Fib retracement level of the recent rally from the $2.877 low to $3.871 high.

On the upside, there is a short-term resistance near the $3.850 level. A successful close above the $3.850 level might open the doors for a push towards $4.000 or even $4.200 in the near term.

Dips Likely to be Limited

If EOS starts a downside correction, it might find bids near the $3.500 level. The main support is now near the $3.350 and $3.300 levels.

If there is a downside break below the $3.300 support, the price could extend its decline towards the $3.000 support zone.

Technical indicators:

4-hours MACD – The MACD is now gaining pace in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for EOS/USD is now in the overbought zone.

Major Support Levels – $3.500, followed by $3.350.

Major Resistance Levels – $3.850, $3.900 and $4.000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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