HomeAltcoin NewsEOS Price Analysis: Bearish Below $2, Bears In Control

EOS Price Analysis: Bearish Below $2, Bears In Control

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  • EOS price started a fresh decline from well above the $2.50 zone against the US Dollar.
  • The price is now trading below $2.20 and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $2.12 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend decline if it settles below the $2.00 support zone.

EOS price is showing bearish signs below $2.20 against the US Dollar, similar to bitcoin. The price could continue to decline if it settles below the $2.00 support zone.

EOS Price Analysis

This past week, EOS price saw a fresh decline from well above $2.25 against the US Dollar. The price gained bearish momentum below the $2.12 and $2.05 support levels.

There was also a move below the $2.00 level and the 55 simple moving average (4-hours). A low is formed near $1.930 and the price is now consolidating losses. An initial resistance on the upside is near the $2.00 level. The first major resistance is forming near the $2.08 level.

It is near the 23.6% Fib retracement level of the key decline from the $2.59 swing high to $1.93 low. There is also a key bearish trend line forming with resistance near $2.12 on the 4-hours chart of the EOS/USD pair.

A clear move above the trend line might send the price to $2.25. The 50% Fib retracement level of the key decline from the $2.59 swing high to $1.93 low is also near the $2.25 resistance zone. The next major resistance is near $2.30, above which the price could rise to $2.50.

On the downside, the first major support is near the $1.92 level. The next support is now forming near the $1.85 zone. If there is a downside break below $1.85, the price might drop to $1.65. Any more losses might call for a move towards the $1.50 level in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below $2.05 and the 55 simple moving average (4-hours). Overall, the price could extend decline if it settles below the $2.00 support zone.

Technical indicators

4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $1.92 and $1.85.

Major Resistance Levels – $2.05 and $2.15.

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.

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