HomeAltcoin NewsEOS Price Analysis: Bears Aim For $0.65 or Lower

EOS Price Analysis: Bears Aim For $0.65 or Lower

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  • EOS price started a fresh decline from the $0.775 zone against the US Dollar.
  • The price is now trading below $0.725 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $0.7190 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 $0.720 and $0.740 resistance levels.

EOS price is struggling below $0.720 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.740.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.775 resistance against the US Dollar. The price traded below the $0.75 and $0.74 levels to move into a bearish zone.

The pair even spiked below the $0.705 support. A low is formed near $0.7014 and the price is now consolidating losses. EOS is trading well below $0.725 and the 55 simple moving average (4 hours). On the upside, immediate resistance is near the $0.719 level.

There is also a major bearish trend line forming with resistance near $0.7190 on the 4-hour chart of the EOS/USD pair. It is close to the 23.6% Fib retracement level of the downward move from the $0.7767 swing high to the $0.7014 low.

The first major resistance is near the $0.74 level or the 50% Fib retracement level of the downward move from the $0.7767 swing high to the $0.7014 low. A clear move above the $0.74 level could start a steady increase toward the $0.75 level.

The next major resistance might be $0.775. Any more gains might send the price toward the $0.80 level. On the downside, immediate support is near $0.705.

The next key support is near the $0.70 level. If there is a downside break below the $0.70 support, the price could test the $0.65 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.725 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.720 and $0.740 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 – $0.705 and $0.700.

Major Resistance Levels – $0.720 and $0.740.

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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