EOS Price Analysis: Bulls Could Struggle Above $6.40
EOS price is still trading in a positive zone above $5.500 against the US Dollar, similar to bitcoin. The price might trade in a range as long as there is no break above $6.400.
EOS Price Analysis
In the past few days, EOS price saw a strong increase above the $5.000 and $5.200 resistance levels against the US Dollar. The price even broke the $5.500 resistance zone to move into a positive zone.
The bulls gained pace above the $6.000 level and the price traded to a new multi-week high near $7.100. However, the price struggled to settle above $7.000. As a result, there was a bearish reaction below the $6.800 and $6.400 support levels.
There was also a break below a major bullish trend line with support near $6.380 on the 4-hours chart of the EOS/USD pair. The price tested the $5.750 support zone.
It is now trading well above the $5.500 support and the 55 simple moving average (4-hours). Besides, it is testing the 23.6% Fib retracement level of the recent decline from the $7.047 swing high to $5.720 low.
The first major resistance on the upside is near the $6.400 level. It is near the 50% Fib retracement level of the recent decline from the $7.047 swing high to $5.720 low. A successful close above the $6.400 level is must to start a fresh rally. In the stated case, the price will most likely rise towards the $7.000 level.
Conversely, the price might extend its decline below the $5.750 zone. The next major support is near the $5.500 level, below which the bulls could lose control.
Looking at the chart, EOS price is clearly trading well above $5.500 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase, but the bulls might struggle above the $6.400 resistance zone.
4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now close to the 50 level.
Major Support Levels – $5.750 and $5.500.
Major Resistance Levels – $6.400 and $7.000.
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