EOS Price Analysis: Bulls Aim for Recovery to $0.78

• EOS price is trading in a bearish zone below the $0.80 support against the US Dollar.
• There was a break above a key bearish trend line with resistance near $0.660 on the 4-hour chart of the EOS/USD pair.
• The pair could continue to rise toward the $0.75 and $0.78 resistance levels.

EOS Price Analysis

EOS price is struggling below $0.80 against the US Dollar, unlike Bitcoin . The price might attempt to recover if there is a clear move above $0.75.

Recent Price Action

In recent sessions, EOS has been trading range bound between $0.65 and $0.59 support levels against the US Dollar. A low was formed near $ 0.5987 from which it started an upside correction that saw it break through key bearish trend lines with resistance near $ 0.660 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase). The price is now trading above both $ 0.66 and 55 simple moving average (4 hours) .

Upside Potential

On the upside, immediate resistance is near the level of$ 0.75 or 50% Fib retracement level of downward movement from swing high at$ 09040 to swing low at$ 05997 low .The next major resistance lies around$ 0780 after which there may be a test for$ 08000 level .Any further gains may send prices towards$ 0900 level .

Downside Risk

On downside , immediate support lies at around$ 0675 followed by another key support near level of $ 0640 If there is a downside break below this support then price could test for another support at around$ 0600 in near term .


Overall, EOS price seems likely to continue its upward surge towards levels of$ 0750 and 78000 as long as it remains above55 simple moving average (4 hours) .