EOS Price Analysis: Can Bulls Overcome The $2.60 Hurdle? | Live Bitcoin News

EOS price is currently correcting higher above $2.400 against the US Dollar, while bitcoin is rising. The price must surpass the $2.600 barrier to avoid a fresh decrease in the near term.

EOS Price Analysis

This past week, EOS price saw a sharp bearish reaction from the $2.850 resistance against the US Dollar. The price broke a few important supports near the $2.600 zone to move into a short term bearish zone.

The decline was such that the price even spiked below the $2.350 support and settled below the 55 simple moving average (4-hours). It traded to a new monthly low at $2.169 and it is currently correcting higher.

There was a break above the $2.350 and $2.400 levels. Besides, EOS climbed above the 50% Fib retracement level of the key decline from the $2.841 high to $2.169 low. It seems like the price is currently consolidating near the $2.500 and $2.550 levels.

On the upside, a crucial resistance is forming near the $2.600 level and the 55 simple moving average (4-hours). More importantly, there is a major bearish trend line forming with resistance near $2.600 on the 4-hours chart of the EOS/USD pair.

The trend line is close to the 61.8% Fib retracement level of the key decline from the $2.841 high to $2.169 low. Therefore, the bulls need to clear the $2.600 resistance zone to start a strong increase. The next major resistance is near the $2.850, above which the price could aim $3.000 and $3.200.

Conversely, there might be no upside break above $2.600 and the price could resume its decline. The main supports on the downside are near $2.350 and $2.200. Any further losses might push the $2.00 support zone at risk in the near term.

EOS Price

Looking at the chart, EOS price is clearly approaching a major hurdle near the $2.600 level. If there is an upside break, there could be a trend change and the price might rally to $3.000.

Technical indicators

4-hours MACD – The MACD for EOS/USD is losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is now just above the 50 level.

Major Support Levels – $2.350 and $2.200.

Major Resistance Levels – $2.600 and $2.850.

Source: Read Full Article