EOS Price Analysis: Rally Could Extend By 20% | Live Bitcoin News

• EOS price started a fresh increase from the $0.525 support against the US Dollar.
• The price is now trading above $0.580 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $0.594 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
• The pair could continue to move up if it clears the $0.6150 and $0.625 resistance levels.

EOS price is rising above $0.580 against the US Dollar, like Bitcoin. The price could resume its increase if it clears the $0.615 and $0.625 resistance levels.

EOS Price Analysis

This past week, EOS price found support near the $0.525 support against the US Dollar. The price formed a base and started a fresh increase above the $0.550 level.

The price gained pace and climbed above the $0.565 and $0.585 resistance levels. A high was formed near $0.6155 and the price is now consolidating gains. It is showing positive signs above the 23.6% Fib retracement level of the upward move from the $0.5244 swing low to the $0.6155 high.

EOS is now trading above $0.580 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.594 on the 4-hour chart of the EOS/USD pair.

Immediate resistance is near the $0.615 level. The first major resistance is near the $0.625 zone. The main resistance is now near $0.650, above which the price could rise steadily. In the stated case, it could rise toward the $0.75 level.

Any more gains might send the price toward the $0.80 level. On the downside, immediate support is near $0.594 and the trend line. The next key support is near $0.58.

If there is a downside break below the $0.580 support, the price could revisit the $0.570 support or the 50% Fib retracement level of the upward move from the $0.5244 swing low to the $0.6155 high. If there is a downside break, the price could decline toward $0.560.

Looking at the chart, EOS price is now trading above the $0.580 level and the 55 simple moving average (4 hours). Overall, the price could continue to move up if it clears the $0.615 and $0.625 resistance levels.

Technical indicators

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

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

Major Support Levels – $0.594 and $0.580

Major Resistance Levels – $0.615 and $0.625.

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• Source: https://www.livebitcoinnews.com/eos-price-analysis-rally-could-extend-by-20/