• EOS price started a fresh increase from the $1.08 support against the US Dollar.
• There was a break above a key bearish trend line with resistance near $1.18 on the 4-hours chart of the EOS/USD pair.
• The pair could continue to move up if it clears the $1.22 and $1.232 resistance levels.
EOS Price Analysis
EOS price started a fresh increase from the $1.08 support against the US Dollar, climbing above the 50% Fib retracement level of its last drop from the $1.3136 swing high to $1.0731 low. Additionally, there was a break above a key bearish trend line with resistance near $1.18 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
Upside Potential
On the upside, an immediate resistance is near the $1.22 level which is close to 61.8% Fib retracement level of last key drop from high to low levels noted earlier mentioned . If this level is cleared, it could open up more room for further gains towards higher resistances such as at $ 1 .232 . Beyond this point, prices could potentially reach as far as hitting its next major resistance at around$ 1 .30 .
Downside Risk
On downside , an immediate support lies at around 1 .16 and below that lies at55 simple moving average (4-hours) , then followed by another support around 1 .145 mark should it be breached in future trading sessions . Most importantly , if there is a downside break below 1 .145 support , then price could revisit its prior low at around 1 .10 and any further losses could send it towards its ultimate psychological level at around 1 USD mark in worst case scenario .
Technical Indicators
Looking at technical indicators such as MACD and RSI , they are showing signs of bullishness while being placed in their respective bullish zones now making way for possible uptrend scenarios considering all other components remain intact without showing any bearish signals .
Conclusion
Overall ,the price could continue to move up if it clears both key resistances namely$ 1 .22 and$ 1 232 respectively which will likely open door for further upwards momentum perhaps towards its intended target of reaching back towards previous highs or beyond that even in coming days ahead so stay tuned for updates !