EOS Price Analysis: Chances of Dip Before Fresh Rise

• EOS price surged by more than 40% this week and broke $4.00 and $5.00 hurdles against the US Dollar.
• The price even tested the $6.00 resistance and formed a new yearly high at $6.093.
• There is a major connecting bullish trend line formed with support at $5.20 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
• The pair might correct in the short term before it could resume its upside above $5.50 and $5.60.

EOS price broke many resistances and surged by more than 40% against the US Dollar. The price is currently trading above key supports, with chances of a downside correction before fresh rise.

EOS Price Analysis

The recent storm in the market sparked a strong rally in bitcoin, Ethereum, ripple, litecoin and EOS price against the US Dollar. Earlier, EOS broke the $3.80 resistance level and settled above the $4.00 pivot level. Later, there was a break above the $4.20 level and the 55 simple moving average (4-hours). Finally, buyers gained control and pushed the price above the $4.425 resistance to start a strong rally. The price surged by more than 40% and climbed above the $5.00 and $5.50 resistance levels.

The trend was significant since the price even broke the $5.80 and $6.00 levels. A new yearly high was formed at $6.093 and recently the price corrected lower. It declined sharply below $5.50 and the 50% Fib retracement level of the recent surge from the $4.11 low to $6.09 high. However, the $4.80 support area acted as a strong buy zone. Besides, the 61.8% Fib retracement level of the recent surge from the $4.11 low to $6.09 high also acted as a support.

The price retreated from lows and climbed back above $5.00 and $5.20. There is also a major connecting bullish trend line formed with support at $5.20 on the 4-hours chart of the EOS/USD pair. The pair is currently trading above the trend line support and $5.22. However, it seems to be facing offers near $5.40 and $5.50. A close above the $5.50 is must for a fresh increase towards $5.80 and $6.00.

Looking at the chart, EOS price might face another round of selling and it could slide below the $5.00 support. Having said that, dips are likely to find a strong support near the $4.80 and $4.75 levels. The next key support is near the $4.425 (the previous resistance).

Technical indicators

Hourly MACD – The MACD for EOS/USD is currently reducing its bullish slope, with a positive bias.

Hourly RSI (Relative Strength Index) – The RSI is currently correcting lower and it may test the 50 level.

Major Support Levels – $4.80 and $4.45.

Major Resistance Levels – $5.50 and $5.80.

The post EOS Price Analysis: Chances of Dip Before Fresh Rise appeared first on Live Bitcoin News.

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