EOS Price Analysis

 EOS price started a decent upward move and traded higher from the $5.00 swing low against the US Dollar. The price broke the $5.25 and $5.30 resistance levels to set the pace for more upsides. Looking at the 4-hours chart, the price cleared a major bearish trend line with resistance at $5.55 and the 21 simple moving average (4-hours). The price traded as high as $5.83 and later started a downside correction. Sellers pushed the price below the 23.6% Fib retracement level of the last wave from the $5.05 low to $5.83 high, and the 21 simple moving average (4-hours). However, the broken resistance at $5.50 and the previous bearish trend line is acting as a support. Below $5.50, the next main support is near the 50% Fib retracement level of the last wave from the $5.05 low to $5.83 high at $5.44. As long as the price is above the $5.50 and $5.44 levels, it could bounce back. On the upside, an initial resistance is at $5.60 and the 21 SMA, above which the price may well revisit the $5.80 zone. The main hurdle for buyers on the upside is near the $6.00 zone.