HomeAltcoin NewsEOS Price Analysis: Bears Aim Drop Below $1.15

EOS Price Analysis: Bears Aim Drop Below $1.15

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  • EOS price started a recovery wave above $1.20 against the US Dollar.
  • The price is now trading below $1.30 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $1.30 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could extend its decline if it trades below the $1.18 support zone in the near term.

EOS price is struggling below $1.30 against the US Dollar, similar to bitcoin. The price must stay above the $1.18 support zone to avoid more losses.

EOS Price Analysis

This week, EOS price attempted a recovery wave above the $1.25 level against the US Dollar. Earlier, the price formed a base above the $1.05 level and started a recovery wave.

There was a break above the $1.30 and $1.32 resistance levels. However, the bears defended the $1.40 resistance. A high was formed near $1.410 before the price started a fresh decline. There was a move below the $1.32 and $1.30 support levels.

The price traded below the 50% Fib retracement level of the upward move from the $1.180 swing low to $1.410 high. Besides, there was a break below a key bullish trend line with support near $1.30 on the 4-hours chart of the EOS/USD pair.

The price is now trading below $1.30 and the 55 simple moving average (4-hours). On the downside, an immediate support is near the $1.234 level. It is near the 76.4% Fib retracement level of the upward move from the $1.180 swing low to $1.410 high.

The next key support is near the $1.18 level. If there is a downside break below the $1.18 support, the price could continue to move down towards the $1.05 level in the near term.

On the upside, there is a major resistance forming near the $1.30 level and the 55 simple moving average (4-hours). The first major resistance is near the $1.40 level. To start a fresh increase, the price must clear $1.40 and $1.42.

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 extend its decline if it trades below the $1.18 support zone in the near term.

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 40 level.

Major Support Levels – $1.22 and $1.18.

Major Resistance Levels – $1.35 and $1.40.

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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