EOS price tested the key $6.650 support area and recently climbed higher against the US Dollar.
The price is currently trading nicely above the $6.80, but facing hurdles near the $7.000 and $7.100 levels.
There is a major bullish trend line forming with support near $6.750 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
The pair could consolidate in the short term before the next move either above $7.100 or below $6.650.
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EOS price is trading in a positive zone above $6.650 against the US Dollar, but struggling vs bitcoin. The price could gain momentum once it clears the $7.000 and $7.100 resistances.
EOS Price Analysis
In the past few sessions, there were corrective moves in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price climbed towards the $7.400 and $7.500 resistances levels. However, it failed to continue higher and corrected below the $7.000 support. The price even broke the $6.750 level, but the $6.650 level acted as a strong support.
The price is currently holding the $6.650 support area and the 55 simple moving average (4-hours). It recently corrected above the $6.900 level, and the 23.6% Fib retracement level of the downward move from the $7.285 high to $6.649 low. However, the upward move was capped by the $7.000 resistance area. Moreover, the 50% Fib retracement level of the downward move from the $7.285 high to $6.649 low seems to be acting as a resistance.
On the downside, there is a decent support forming near $6.800. There is also a major bullish trend line forming with support near $6.750 on the 4-hours chart of the EOS/USD pair. If there is a downside break, the price might retest the $6.650 support. If there are more losses, the price could extend decline towards the $6.300 level.
On the upside, the main resistances are $7.000 and $7.100. An intermediate resistance is the 61.8% Fib retracement level of the downward move from the $7.285 high to $6.649 low. If there is an upside break above the $7.100 level and a connecting bearish trend line, there could be a strong rally.
Looking at the chart, EOS price could trade in a range below the $7.000 and $7.100 levels in the short term. Once it completes a consolidation pattern, it could either rally above $7.000 and $7.100 or it might start a downside extension below $6.650.
Hourly MACD – The MACD for EOS/USD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently just below the 50 level, with a minor bearish angle.
Major Support Levels – $6.750 and $6.650.
Major Resistance Levels – $7.000 and $7.100.
The post EOS Price Analysis: Bulls Protecting Key Support, More Gains Likely appeared first on Live Bitcoin News.
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