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HomeAltcoin NewsEOS Price Analysis: Bears Aim Drop To $0.50, Buy Dips?

EOS Price Analysis: Bears Aim Drop To $0.50, Buy Dips?

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  • EOS price started a fresh decline below the $0.558 zone against the US Dollar.
  • The price is now trading below $0.550 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.5450 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could continue to decline if it stays below the $0.545 and $0.550 resistance levels.

EOS price is struggling below $0.550 against the US Dollar, like Bitcoin. The price might attempt to recover if there is a clear move above $0.558.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.622 resistance against the US Dollar. The price traded below the $0.600 and $0.585 levels to move into a bearish zone.

The pair even traded below the $0.558 support. A low has formed near $0.5288 and the price is now consolidating losses. If there is a recovery wave, the price might struggle near the $0.545 zone. There is also a key bearish trend line forming with resistance near $0.5450 on the 4-hour chart of the EOS/USD pair.

EOS is trading well below $0.550 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.5420 level. The first major resistance is near the $0.545 level and the trend line.

The trend line is near the 23.6% Fib retracement level of the downward move from the $0.6212 swing high to the $0.5288 low. The next resistance is near $0.558. A clear move above the $0.558 level could start a steady increase toward the $0.575 level.

The next major resistance might be $0.585 or the 61.8% Fib retracement level of the downward move from the $0.6212 swing high to the $0.5288 low. Any more gains might send the price toward the $0.620 level.

On the downside, immediate support is near $0.528. The next key support is near the $0.5120 level. If there is a downside break below the $0.5150 support, the price could test the $0.500 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.550 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.550 and $0.558 resistance levels.

Technical indicators

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

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

Major Support Levels – $0.528 and $0.500.

Major Resistance Levels – $0.550 and $0.558.

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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