EOS Price Likely Setting Up For Crucial Upside Break

• EOS price extended losses below the $5.000 support and tested $4.400 against the US Dollar.
• The price traded as low as $4.411 and recently corrected above the $4.800 resistance.
• There is a crucial bearish trend line in place with resistance at $5.065 on the 4-hours chart of the EOS/USD pair (data feed from Binance).
• The pair could start a strong upward move if it settles above $5.000 and $5.080 in the near term.

EOS price is showing positive signs against the US Dollar and bitcoin. The price must settle above $5.080 and gain traction above $5.100 for a strong rebound towards $6.000.

EOS Price Analysis

In the past couple of sessions, there was a decent rebound in bitcoin, Ethereum, ripple, litecoin and EOS price against the US Dollar. Earlier, EOS extended losses below the $5.000 and $4.850 support levels. The price even settled below the $4.800 level and the 55 simple moving average (4-hours). Finally, there was a break below the $4.500 level and the price traded as low as $4.411. Later, there was a decent upward move above the $4.500 and $4.620 resistances.

The price traded above the 50% Fib retracement level of the last drop from the $5.492 high to $4.411 low. The upward move was strong was the price even surpassed the $4.900 level and the 55 simple moving average (4-hours). However, the upward move was capped by the key $5.000 and $5.080 resistance levels. The price also struggled near the 61.8% Fib retracement level of the last drop from the $5.492 high to $4.411 low. Moreover, there is a crucial bearish trend line in place with resistance at $5.065 on the 4-hours chart of the EOS/USD pair.

If the pair gains traction above the trend line, it could even clear the $5.080 resistance. Besides, a successful follow through above the $5.100 level may perhaps clear the path for more upsides in the near term. The next key resistances are near the $5.500 and $5.650 levels. Conversely, if the price fails to settle above $5.100, it could decline once again.

Looking at the chart, EOS price is clearly trading near a significant resistance area at $5.080. If the bulls struggle to gain pace, the price may decline back towards the $4.800 or $4.565 support levels. On the upside, a convincing close above $5.080 is likely to set the pace for a fresh increase above the $5.200 and $5.350 levels.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI is currently placed nicely above the 50 level, with positive signs.

Major Support Levels – $4.800 and $4.565.

Major Resistance Levels – $5.080 and $5.200.

The post EOS Price Likely Setting Up For Crucial Upside Break appeared first on Live Bitcoin News.

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