EOS price railed recently and settled above $6.00 against the US Dollar. EOS/USD is currently correcting lower, but it remains supported above $6.00 and $5.80.
Key Talking Points
- EOS price is placed nicely in a significant uptrend above the $6.00 level (Data feed of Kraken) against the US Dollar.
- There was a break below a connecting bullish trend line with support at $6.40 on the 2-hours chart of the EOS/USD pair.
- The pair is correcting lower, but buyers are likely to appear near the $6.00 support.
EOS Price Analysis
In the last analysis, we discussed that EOS price is signaling more gains above $5.50 against the US Dollar. The EOS/USD pair did gain upside momentum and it was able to surpass a key resistance at $6.00.
The chart above indicates that EOS price climbed above the $6.50 resistance and traded close to the $7.00 level. A high was formed at $6.82 before the price started a downside correction.
It recently moved below the 23.6% Fib retracement level of the last wave from the $5.72 low to $6.82 high. Moreover, there was a break below a connecting bullish trend line with support at $6.40 on the 2-hours chart of the EOS/USD pair.
The pair is currently trading below the $6.50 support, but there are many supports on the downside near the $6.00 level. An initial support is $6.25 and the 50% Fib retracement level of the last wave from the $5.72 low to $6.82 high.
Below $6.25, the most important support is near the $6.00 level, which was a resistance earlier. Below this, the 100 simple moving average (2-hours) is positioned near the $5.80 level.
Therefore, if the price continues to move down, it is likely to find supports near the $6.25, $6.00 and $5.80 levels. On the upside, an initial resistance is $6.60, above which the price may revisit the $6.82 high.
Overall, EOS price is placed nicely in an uptrend above the $6.00 level. Dips are well supported as long as there is no daily close below $6.00.