HomeAltcoin NewsEOS Price Analysis: Bearish Continuation Towards $2.30 Likely

EOS Price Analysis: Bearish Continuation Towards $2.30 Likely

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  • EOS price failed to stay above the $2.700 resistance and declined recently against the US Dollar.
  • The price is now trading below the $2.650 pivot level with a bearish angle.
  • There was a break below a key ascending channel with support near $2.640 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair remains at a risk of more losses towards the $2.400 and $2.300 support levels.

EOS price is currently facing an increase in selling pressure against the US Dollar, similar to bitcoin. The price is likely to continue lower towards the $2.300 levels.

EOS Price Analysis

This past week, EOS price started a decent increase above the $2.400 levels against the US Dollar. The price gained pace and traded above the $2.500 and $2.600 levels.

There was also a close above the $2.500 level and the 55 simple moving average (4-hours). However, the price struggled to remain stable above the $2.650 and $2.700 levels. A high was formed near $2.744 and the price recently started a fresh decline.

There was a break below the $2.600 level. Besides, the price traded below the 23.6% Fib retracement level of the upward move from the $2.171 low to $2.744 high. There was also a break below a key ascending channel with support near $2.640 on the 4-hours chart of the EOS/USD pair.

The price is now trading near the $2.580 level and the 55 simple moving average (4-hours). The next key support is visible near the $2.450 level. It is close to the 50% Fib retracement level of the upward move from the $2.171 low to $2.744 high.

If there is a downside break below the $2.450 support, there is a risk of bearish continuation. The next major supports on the downside are visible near the $2.300 and $2.200 levels. Any further losses may perhaps lead the price towards the $2.000 support.

Conversely, the price could make another attempt to climb above the $2.650 and $2.700 resistance levels. To continue higher, the bulls need to gain strength above $2.700 and then clear $2.820. The next key resistance is near the $3.000 level.

EOS Price
EOS Price

Looking at the chart, EOS price is clearly showing a few bearish signs below $2.650 and $2.700. Therefore, there are chances of more losses towards $2.300 as long as it is below $2.700.

Technical indicators

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

4-hours RSI (Relative Strength Index) – The RSI is currently near the 45 level.

Major Support Levels – $2.450 and $2.300.

Major Resistance Levels – $2.700 and $2.820.

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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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