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EOS Price Analysis: Bulls Protecting Key Support, More Gains Likelyopen_in_new
EOS price is trading in a positive zone above $6.650 against the US Dollar, but struggling vs bitcoin. The price could gain momentum once it clears the $7.000 and $7.100 resistances.
In the past few sessions, there were corrective moves in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price climbed towards the $7.400 and $7.500 resistances levels. However, it failed to continue higher and corrected below the $7.000 support. The price even broke the $6.750 level, but the $6.650 level acted as a strong support.
The price is currently holding the $6.650 support area and the 55 simple moving average (4-hours). It recently corrected above the $6.900 level, and the 23.6% Fib retracement level of the downward move from the $7.285 high to $6.649 low. However, the upward move was capped by the $7.000 resistance area. Moreover, the 50% Fib retracement level of the downward move from the $7.285 high to $6.649 low seems to be acting as a resistance.
On the downside, there is a decent support forming near $6.800. There is also a major bullish trend line forming with support near $6.750 on the 4-hours chart of the EOS/USD pair. If there is a downside break, the price might retest the $6.650 support. If there are more losses, the price could extend decline towards the $6.300 level.
On the upside, the main resistances are $7.000 and $7.100. An intermediate resistance is the 61.8% Fib retracement level of the downward move from the $7.285 high to $6.649 low. If there is an upside break above the $7.100 level and a connecting bearish trend line, there could be a strong rally.
Looking at the chart, EOS price could trade in a range below the $7.000 and $7.100 levels in the short term. Once it completes a consolidation pattern, it could either rally above $7.000 and $7.100 or it might start a downside extension below $6.650.
Hourly MACD – The MACD for EOS/USD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently just below the 50 level, with a minor bearish angle.