EOS Price Analysis: Bulls Preparing For Next Rally

• EOS price rallied recently and broke the $7.000 and $7.600 resistance levels against the US Dollar.
• The price is currently consolidating in a broad range and likely setting up for the next break above $8.300.
• There is a key ascending channel forming with support near $7.650 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
• The pair is likely to start a strong upward move above the $8.300 and $8.500 resistance levels.

EOS price is currently trading in a strong uptrend against the US Dollar and bitcoin. The price is likely to start a fresh increase above the $8.300 swing high in the near term.

EOS Price Analysis

In the past few days, there were swing moves in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price started a strong upward move from the $6.000 support zone. The price traded higher and broke many hurdles near the $6.600, $6.800, $7.000, $7.400 and $7.600 levels. There was even a break above the $8.000 barrier and the price rallied to a new 2019 high above $8.000. A swing high was formed at $8.294 and the price recently corrected lower.

There was a break below the $8.000 level and the 23.6% Fib retracement level of the last wave from the $6.909 low to $8.294 high. However, the previous resistance near $7.600 acted as a support. Moreover, the 50% Fib retracement level of the last wave from the $6.909 low to $8.294 high is also acting as a support. The price recovered and it is currently trading above the $8.000 level. It seems like there is a broad range forming with resistance near the $8.300 level. A successful close above the $8.300 level is likely to open the doors for more gains in the near term.

Besides, there is a key ascending channel forming with support near $7.650 on the 4-hours chart of the EOS/USD pair. If there is an upside break above $8.300, the price could continue towards the $8.500 or $8.600 levels. Conversely, if there is a downside correction, the $7.600 level is likely to act as a strong support. If there is a bearish break below the $7.600 level, the price could accelerate towards the $7.000 level.

Looking at the chart, EOS price is likely to clear the $8.250 and $8.300 resistance levels in the near term. Only a close below $7.600 could negate the current bullish view.

Technical indicators

Hourly MACD – The MACD for EOS/USD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 60 level, with a flat structure.

Major Support Levels – $7.800 and $7.600.

Major Resistance Levels – $8.300 and $8.500.

The post EOS Price Analysis: Bulls Preparing For Next Rally appeared first on Live Bitcoin News.

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