The EOS price starts a strong rally after it surged by 10% and broke the $3.300 resistance zone against the US dollar. The new monthly high is formed close to the $3.871 and it seems like there are more chances for an upward movement again so let’s find out more in the upcoming EOS news today.
The EOS price starts a strong rally, forming a support base above $3.000 rallying by 10% overnight. The price settled above the $3.500 pivot level and there was also a break above the key bearish trend line with a resistance close to the $3.200 on the 4-hour chart of the EOS/USD pair. The pair continued to increase above the $3.900 and $4.000 resistance levels in the near-term. Over the past week, the EOS price formed strong support close to the $2.850 and the $3.000 levels and it even started a new increase above the $3.200 resistance level moving into a positive zone.
There was a break above the key bearish trend line with a close resistance close to the $3.200 on the 4-hour charts. The pair then gained pace above the $3.500 pivot level and the 100 simple moving average. It then opened the doors for more gains and the price traded to a new level of $3.871. It’s now trying to consolidate gains close to the $3.800 level while the initial support is close to the $3.650 it close to the 23% fib retracement level of the recent price rally from the $2.877 low to the $3.871.
The first major support on the downside was close to the $3.500 level and the next support is close to the $3.500 or the 50% fib retracement level from the previous rally of the $2.877 low to the $3.871. On the upside, there’s a short-term resistance close to the $3850 level while the close above the $3.850 level could open the doors for another push to the $4.000 or $4.200 in the near-term. If EOS starts another downside correction, it could find a support level of $3.500 as the main support is close to the $3.350 and $3.300 levels. If there’s a downside break below this support line, the price could extend its drop to the $3.000 support zone.
The 4-hour RSI for the pair is in the overbought territory while the major support levels are close to the $3.500 and $3.350 while the major resistance levels are set at $3.850 and $3.900.
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