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EOS Price Analysis: EOS/USD is Likely to Test $10

EOS price found support near $7.60 and recovered against the US Dollar. EOS/USD is likely to move higher towards the $9.50 and $10.00 levels in the near term.

Key Talking Points

  • EOS price is trading with a positive bias above the $7.60 support area (Data feed of Kraken) against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $7.80 on the 2-hours chart of the EOS/USD pair.
  • The pair is moving higher and it could trade further higher towards the $8.80, $9.50 and $10.00 levels.

EOS Price Analysis

There was an important downside move in EOS price from well above the $9.00 level against the US Dollar. The EOS/USD pair declined below the $8.00 level before buyers appeared near $7.60.

The chart above indicates that the price found a strong buying interest near $7.60, resulting in a fresh upward move. The price moved above the 23.6% Fib retracement level of the last decline from the $9.36 high to $7.60 low.

EOS Price Analysis Chart

More importantly, there was a break above a key bearish trend line with resistance at $7.80 on the 2-hours chart of the EOS/USD pair. The pair also traded above the $8.20 level and the 100 simple moving average (2-hours).

It has opened the doors for more gains above the $8.50 level in the near term. An immediate resistance is the 50% Fib retracement level of the last decline from the $9.36 high to $7.60 low at $8.48. Above this, the price is likely to break the $9.00 resistance and test the $9.35 swing high.

A successful break above the $9.35 level could increase the chances of EOS hitting the $10.00 barrier in the near term.

On the flip side, if there is a downside correction, the previous resistance near $8.00 and the 100 SMA are likely to act as supports. Below $8.00, EOS price may perhaps retest the $7.60 support.

Overall, the current bias is positive as long as the price is above $8.00.

Trade safe traders and do not overtrade!

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