HomeAltcoin NewsEOS Price Analysis: Another Decrease To $3.20 Likely

EOS Price Analysis: Another Decrease To $3.20 Likely

-

  • EOS price struggled to surpass the $3.660 and $3.680 resistance levels against the US Dollar.
  • The price is currently declining and it is facing resistance near the $3.500 area.
  • There was a break below a connecting bullish trend line with support near $3.480 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to correct lower below the $3.400 and $3.320 support levels.

EOS price is currently correcting gains against the US Dollar, while bitcoin is declining. The price is likely to find a strong support near the $3.200 area.

EOS Price Analysis

This week, bitcoin, Ethereum, ripple, litecoin and EOS faced a fresh selling pressure against the US Dollar. Earlier, EOS price struggled to surpass the $3.660 and $3.680 resistance levels.

As a result, there was a fresh decline initiated from the $3.663 high. It broke the $3.550 and $3.500 support levels to move into a short term bearish zone. Moreover, there was a close below $3.500 and the 55 simple moving average (4-hours).

During the decline, there was a break below a connecting bullish trend line with support near $3.480 on the 4-hours chart of the EOS/USD pair. The pair is now trading near the $3.390 support area and formed a low at $3.383.

Recently, there was a minor upward move above $3.450. Besides, the price climbed above the 23.6% Fib retracement level of the decline from the $3.663 high to $3.383 low.

However, EOS seems to be facing a strong resistance near the $3.500 level and the 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the decline from the $3.663 high to $3.383 low is near the $3.520 level.

Therefore, a clear break above the $3.520 resistance and the 55 SMA is needed for a fresh increase in the near term. The next major hurdles are near the $3.660 and $3.680 levels.

On the downside, an immediate support is near the $3.390 level. If there is a downside break below the $3.390 level, the price could continue to move down towards the $3.320 level. The main support is near the $3.200 level, where the bulls are likely to take a stand.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly showing a few bearish signs below the $3.500 level. It seems like the price could extend its downside correction below the $3.400 and $3.320 levels. Once the current correction is complete, the price is likely to revisit the $3.660 resistance zone.

Technical indicators

Hourly MACD – The MACD for EOS/USD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently declining towards the 40 level.

Major Support Levels – $3.390 and $3.320.

Major Resistance Levels – $3.500 and $3.660.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular