HomeAltcoin NewsEOS Price Analysis: Bears Active Below $1.3

EOS Price Analysis: Bears Active Below $1.3

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  • EOS price started a fresh decline from the $1.50 resistance against the US Dollar.
  • The price is now trading below $1.40 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1.255 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $1.155 and $1.150 support levels.

EOS price is declining below $1.30 against the US Dollar, similar to bitcoin. The price could start a fresh increase if it clears the $1.255 and $1.35 resistance levels.

EOS Price Analysis

This week, EOS price started a fresh decline from the $1.50 zone against the US Dollar. The price traded below the $1.45 and $1.40 levels to enter a bearish zone.

The price broke the $1.30 support zone and the 55 simple moving average (4-hours). The bears even pushed the price below the $1.25 level. A low is formed near $1.156 and the price is now consolidating losses. On the upside, an immediate resistance is near the $1.235 level.

The 23.6% Fib retracement level of the downward move from the $1.489 swing high to $1.156 low is also near the $1.235 level. Besides, there is a major bearish trend line forming with resistance near $1.255 on the 4-hours chart of the EOS/USD pair.

The first major resistance is near the $1.35 level. It near the 50% Fib retracement level of the downward move from the $1.489 swing high to $1.156 low, above which the price could rise steadily. In the stated case, it could rise towards the $1.45 level.

Any more gains might send the price towards the $1.50 level. On the downside, an immediate support is near the $1.155. The next key support is near the $1.150 level. If there is a downside break below the $1.150 support, the price could test the $1.05 support.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $1.30 level and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it stays above the $1.155 and $1.150 support levels.

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 – $1.155 and $1.150.

Major Resistance Levels – $1.255 and $1.350.

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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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