EOS Price Analysis: Breakout Could Send Price To $1.30
• EOS price started a fresh increase from the $1.12 support against the US Dollar.
• There is a key bullish trend line forming with support near $1.20 on the 4-hours chart of the EOS/USD pair.
• The pair could continue to move up if it clears the $1.24 and $1.25 resistance levels.
EOS Price Analysis
EOS price recently started an uptrend from the $1.12 support against the US Dollar after finding a base at this level. Currently, there is a key bullish trend line forming with support near $1.20 on the 4-hours chart of the EOS/USD pair which could help to push prices higher if broken above certain resistance levels such as $1.24 and $1.25 respectively.
The immediate resistance for EOS price is currently near the $1.224 level which is close to the 50% Fib retracement level of the downward move from its swing high of$1,253 down to its low at$ 1,195 respectively .The first major resistance lies around the 76,4% Fib retracement level of this same movement which stands at around$ 1,240 while next major resistance lies around$ 1,250 and if broken could lead to further upside towards$ 1,300 or even higher towards$ 1,320 levels in short term..
On downside ,immediate support lies around current trading area at around$ 1,200 while next major supports stands at around$ 1,175 .Any break below these two supports could bring further bearish momentum towards next important supports at around$ 1 ,150 and then lower towards psychologically significant mark of$ 1 ,050 respectively over coming days .
Looking at technical indicators ,the Relative Strength Index (RSI) currently stands near 50 indicating neutral stance for now but MACD still remains in bullish zone suggesting possible further gains in coming hours .
Overall sentiments remain positive for EOS as long as it stays above current trading area with immediate resistances standing nearby .Any break above mentioned resistances could bring further upside momentum whereas any break below current trading area might bring deeper downtrend towards lower supports in short term period of time .