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EOS price formed a decent support near $5.20 and recovered against the US Dollar. EOS/USD is likely to climb higher above the $5.50 and $5.60 resistances in the near term.
Key Talking Points
- EOS price is placed nicely above the $5.20 and $5.25 support levels (Data feed of Kraken) against the US Dollar.
- There was a break above a key bearish trend line with resistance at $5.25 on the 2-hours chart of the EOS/USD pair.
- The pair is likely break the $5.50 and $5.60 resistances to move into a bullish zone.
EOS Price Analysis
This past week, EOS price declined sharply from the $6.00 resistance area against the US Dollar. The EOS/USD pair declined below the $5.50 level and tested the $5.00 support area.
The chart above indicates that EOS price even broke the $5.00 support area before buyers appeared. A low was formed at $4.92 and later the price started an upside correction. It moved above the $5.20 resistance and the 100 simple moving average (2-hours).
Besides, there was a break above the 23.6% Fib retracement level of the last slide from the $5.98 high to $4.92 low. More importantly, there was a break above a key bearish trend line with resistance at $5.25 on the 2-hours chart of the EOS/USD pair.
The pair is now placed nicely above the $5.20 and $5.25 support levels. However, it is facing a tough resistance near the $5.45 level and the 50% Fib retracement level of the last slide from the $5.98 high to $4.92 low.
The current price action is positive above the $5.20 support and the 100 simple moving average (2-hours). Therefore, there are high chances of an upside break the $5.45 and $5.50 resistance levels.
Once EOS price clears the $5.50 resistance, it could accelerate above the $5.60 level. The final target for buyers may be $6.00. On the downside, the $5.20 support is crucial, below which the price could revisit the $5.00 support area in the near term.
The market data is provided by TradingView.
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