The EOS to USD trading pair has recovered forming support around the $4.50 level and is trading above $5.00. If it is able to hold this support, it will accumulate more gains within the next few trading sessions. According to the price analysis of Aayush Jindal, EOS has formed a contracting triangle with resistance around $5.30. If it breaks the $5.30 & $5.40 resistance levels, it will most likely gather upward momentum to rise above $6.00 soon.
EOS To USD Price Analysis For August 20
During the weekend, the price of EOS took a dip with sellers placing pressure on the market. Fortunately, the buyers gained interest around $4.10 and $4.20 allowing the price of EOS to recover against the USD. The recovery continued until it broke the significant $5.00 resistance.
EOS Price Today – EOS / USD
From the price chart, EOS didn’t just clear the $5.00 resistance but it also cleared the $5.50 resistance settling above the 2-hour 100 SMA. After this, a high formed around the $5.65 level and the price of EOS started correcting lower. The price of EOS fell below the 50% Fibonacci retracement level of the last rise from $4.42 to $5.64 and below the $5.20 level. The good news is that the decline was capped around $4.60 and 4.80. The 2-hour 100 SMA also served as support along with the 61.8% Fibonacci retracement level of the last rise from $4.42 to $5.64. The price started a recovery and is currently trading well above the $5.00 level.
During the early hours of today’s trading, a significant contracting triangle was formed along with resistance at $5.30. All indicators show that the price will break this contracting triangle and the resistance at $5.35. If this happens, it will have enough momentum to start a long-term upside move. The price may swing high into $5.64 and possibly break the $6.00 resistance.
If, on the other hand, the price falls below the significant resistance at $5.00, and below the 100 simple moving average, it may fall as low as $4.40 soon.