HomeAltcoin NewsEOS Price Analysis: Bears Eyeing Another Break Below $3.30

EOS Price Analysis: Bears Eyeing Another Break Below $3.30

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  • EOS price is currently under a lot of pressure and it recently broke $3.600 against the US Dollar.
  • The price is consolidating above the $3.350 support, but it remains at a risk of more losses.
  • There is a major bearish trend line forming with resistance near $3.600 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could accelerate its decline once it breaks the $3.300 support level in the near term.

EOS price is trading in a major downtrend against the US Dollar and bitcoin. The price could correct higher, but upsides are likely to be capped near $3.600 and $3.800.

EOS Price Analysis

In the past few sessions, there was a downside extension in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price recovered after tagging the $3.300 support level. There was a break above the $3.500 and $3.600 resistance levels. However, the upward move was capped by the $3.800 resistance level (the previous support). Besides, there was no proper close above $3.750 and the 55 simple moving average (4-hours).

As a result, there was a fresh decline below the $3.600 support level. Moreover, the price traded close to the $3.300 support and a swing low is formed near $3.360. It is currently consolidating above the $3.350 support, but it remains at a risk of more losses. An immediate resistance is near $3.550 plus the 50% Fib retracement level of the recent decline from the $3.796 high to $3.360 low.

Moreover, there is a major bearish trend line forming with resistance near $3.600 on the 4-hours chart of the EOS/USD pair. Above the trend line, the next key resistance is near the $3.700 level and the 55 simple moving average (4-hours). It also coincides with the 76.4% Fib retracement level of the recent decline from the $3.796 high to $3.360 low.

The main resistance is near the $3.800 level (the previous support). Therefore, a successful close above the $3.800 level and the 55 SMA is needed for a strong upward move in the near term. On the downside, the key support is near the $3.350 and $3.300 levels. If there is a clear break below $3.300, the price could accelerate towards the $3.000 support.

EOS Price Analysis Chart

Looking at the chart, EOS price is clearly facing a lot of hurdles near $3.600, $3.700 and $3.800. Therefore, there are high chances of more downsides below the $3.300 support.

Technical indicators

Hourly MACD – The MACD for EOS/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently near the 40 level, with no major recovery sign.

Major Support Levels – $3.300 and $3.000.

Major Resistance Levels – $3.600 and $3.800.

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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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