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HomeAltcoin NewsEOS Price Analysis: Bears Aim Larger Drop Below $0.72

EOS Price Analysis: Bears Aim Larger Drop Below $0.72

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  • EOS price started a fresh decline after it failed to clear $0.9650 against the US Dollar.
  • The price is now trading below $0.820 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance at $0.7850 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 $0.7850 and $0.80 resistance levels.

EOS price is struggling below $0.820 against the US Dollar, unlike Bitcoin. The price might attempt to recover if there is a clear move above $0.8350.

EOS Price Analysis

In the past few days, EOS price saw a fresh decline from the $0.9650 resistance against the US Dollar. The price traded below the $0.920 and $0.850 levels to move into a bearish zone.

The pair even declined below the $0.800 support zone. Finally, the bulls appeared near the $0.720 zone. A low was formed near $0.7106 and the price is now attempting a recovery wave. There was a move above the $0.740 and $0.750 resistance levels.

The price tested the 23.6% Fib retracement level of the downward move from the $0.9641 swing high to the $0.7106 low. EOS is now trading below $0.820 and the 55 simple moving average (4 hours). It is facing resistance near the $0.780 zone.

There is also a major bearish trend line forming with resistance at $0.7850 on the 4-hour chart of the EOS/USD pair. The next resistance is near the $0.8350 zone. It is close to the 50% Fib retracement level of the downward move from the $0.9641 swing high to the $0.7106 low.

The next resistance is near the $0.8650 zone. A clear move above the $0.8650 level could start a steady increase toward the $0.9650 level. Any more gains might send the price toward the $1.00 level.

On the downside, immediate support is near $0.740. The next key support is near the $0.720 level. If there is a downside break below the $0.720 support, the price could test the $0.6650 support in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $0.820 level and the 55 simple moving average (4 hours). Overall, the price could continue to decline if it stays below the $0.7850 and $0.820 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 – $0.720 and $0.6650.

Major Resistance Levels – $0.7850 and $0.8350.

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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