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EOS price jumped higher recently above the $5.27 and $5.38 resistances against the US Dollar. EOS/USD could continue to move higher towards the $6.00 or $6.20 resistances.
Key Talking Points
- EOS price formed a strong support near $5.00 for an upward move (Data feed of Kraken) against the US Dollar.
- There is a major bullish trend line in place with support at $5.35 on the 2-hours chart of the EOS/USD pair.
- The pair is placed in a positive zone and it could accelerate towards the $6.00 or $6.20 level.
EOS Price Analysis
After a sharp drop, EOS price found support near the $5.00 level against the US Dollar. The EOS/USD pair formed a support base near $5.00 and later started a solid upward move.
The chart above indicates that EOS price gained momentum and broke the $5.27 and $5.38 resistance levels to move into a positive zone. More importantly, there was a close above the $5.25 level and the 100 simple moving average (2-hours).
The price even spiked above the $5.50 resistance and traded as high as $5.58. Later, the price started a downside correction and traded below $5.50. It also broke the 23.6% Fib retracement level of the last wave from the $5.25 low to $5.85 high.
However, the price is now approaching a decent support near the $5.38 level, which was a resistance earlier. There is also a major bullish trend line in place with support at $5.35 on the 2-hours chart of the EOS/USD pair.
The trend line support is close to the 61.8% Fib retracement level of the last wave from the $5.25 low to $5.85 high. Therefore, if the price corrects further from the current levels, buyers are likely to appear near the $5.38 level.
Overall, the current bias is bullish and as long as EOS price is above $5.25 and the 100 simple moving average (2-hours), there could be more gains in the near term. On the upside, the next target for buyers may well be $6.00 or $6.20.
The market data is provided by TradingView.
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