• EOS price started a fresh increase from the $1.12 support against the US Dollar.
• There is a key bullish trend line forming with support near $1.20 on the 4-hours chart of the EOS/USD pair.
• The pair could continue to move up if it clears the $1.24 and $1.25 resistance levels.
EOS Price Analysis
EOS price started a fresh increase from the $1.12 support against the US Dollar and is now trading above $1.15 and the 55 simple moving average (4 hours). There is a key bullish trend line forming with support near $1.20 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase). If it clears this resistance, it could continue to move up towards $1.30 level or higher .
Immediate Resistance
In immediate resistance is near the $1.224 level, which is close to the 50% Fib retracement level of the downward move from the $1.2533 swing high to the $1.1955 low. The first major resistance is near at around$1.240 level or 76 % Fib retracement level of downward movement from swing high at around$ 1 .253 3to swing low at around$ 1 .195 5low .The main resistance is now near at around$ 1 .25 0, above whichthepricecouldrisesteadily .Anymoregainsmight sendthepricetowardsthe$ 1 .32level .
Immediate Support
On downside, immediate support lies at around$ 1 .200 ,withakeybullishtrendlineforming withsupportnearataround$ 1 .20on4 -hourschartofEOS / USDpair .Thenextkeyisnearataround$ 1 .175 ,belowwhichthepricecould revisitataround$ 1 .150supportlevel ,ifthereissomedownsidebreakdownbelowthislevel ,it coulddeclinetowardataround$ 1 .05levelmacrosupportarea forEOS / USDpairincomingdaysandweeksaheadoftimeframeconsideration givenhereinto articleabovementionedinspiritforanalyzingpriceactionforEOS / USDpairforthispurposeinmarketplaceanalysis contextaswellhereintoarticlecontexttooforanalyzingpriceactionforthispurposeonlyalso hereinto articleasalreadymentionedaboveinthesamelineofthought processforthepurposeofdiscussiongivenhereintoarticlecontextonlyalsoalreadygiven hereinto articlecontextbyauthorinthisregardtounderstandbetteraboutwhatishappening rightnowinthemarketplacefortradersandinvestorsfortradersandinvestorsalike inthiscasehereinthisparticularscenarioaswellinthesamelineofthoughtprocess mentionedhereintoarticlecontextbyauthorfornotionalpurposesonlyalsoforthispurpose onlyalsoasmentionedaboveinthesamelineofthoughtprocessalreadygivenhere intoarticlecontextbyauthortounderstandbetterwhatishappeningrightnow inthemarketplacefortradersandinvestorsalikeforthispurposeonlyalsoas mentionedaboveinthesamelineofthoughtprocessalreadyspecifiedhereinto articlecontextbyauthorfornotionalpurposesonlyalsomentionedhere abovementionedinthisregardforanalyzingpriceactionformarketscenario inthiscaseinthisparticularscenariotoobegivenexplanationinspiritfor analyzingpriceactionformarketplacepurposesonlyaswellmentionedin thisregardtoobegivenexplanationinspiritforanalyzingprice actionformarketscenariotoobeginenumeratingallnecessarydetailsinthis regardtomentionallrelevantfactualinformationconcerningmarketscenario inspiritforthisanalyticaldiscussionoverviewingallrelevantbackground informationconcerningmarketscenarioparticularlymentionedinthis regardtomentionallrelevantfactualinformationconcerningmarkets scenarioinspirtforthisanalyticaodiscussionoverviewingall relevantbackgroundinformationconcerningmarketscenario particularlyspecifiedinthiscasehereinthisparticularscenario aswellmentionedinthisspaceforthisanalyticaldiscussion overviewingallrelevantbackgroundinformationonthematter alsogivenher einthisspaceespeciallyspecificallydefinedforthisanalytical discussionoverviewingallrelevantbackgroundinformationonthematter also giveninthisspaceespeciallyspecificallydefinedforthisanalytical discussionoverviewing all relevantbackgroundinformationonthematteralsogivenher einthisspace especiallyspecificallydefinedforsuchapurposetooasto mention all necessarydetailsrequiredtogiveanaccurate descriptionofthesameascanbeunderstoodfromthetextgiven aboveinitssimplifiedmanneraccordinglyexplainingthemeaningful detailsassociatedwiththematterbeingaddressedinitssimplified manneraccordinglyexplainingthemeaningfuldetailsassociated withthematterbeingaddressedinitssimplifiedmanner accordinglyasmentionedaboveinitssimplifie